Wednesday, June 25, 2008 12:42 PM - By David Lat
This week brings more law firm merger news. These two deals are hardly earth-shattering, but they are noteworthy (and coincidentally both involve firms with "Sanders" somewhere in their name -- the Colonel would be proud).
One of them may create a new Am Law 100 firm, as noted today by the American Lawyer:
The recently merged Husch Blackwell Sanders has merged once again, this time with Chicago-based intellectual property litigation boutique Welsh & Katz, the firms announced Monday. If ranked today, the combined firm, now called Husch Blackwell Sanders Welsh & Katz, would place 88th on The American Lawyer's Am Law 100 list, according to their combined gross revenues.Firm co-chair David Fenley says the gross revenue will "be a smidgen beyond $300 million" in 2008, which, if ranked today, would place it above Pepper Hamilton's current $297 million, the firm with the 88th-highest revenue in 2007, and below Littler Mendelson's $305 million, which placed 87th.
The shops sound well-matched:
Both their personalities and the firm cultures meshed, adds [managing partner A. Sidney] Katz. For one, neither firm maintains any debt. And both firms focus on attorneys' quality of life above profitability, he explains. Further, profits per partner at both firms are in the $600,000 to $700,000 range and Husch agreed to take on all of Welsh's 14 equity principals (the firm is organized as a corporation) as equity partners.
Ah, the elusive "quality of life." Our second featured merger, combining Troutman Sanders (Am Law #75) and Ross Dixon & Bell, led one tipster to express concern on that front:
It just seems a little alarming that all the mid-size and smaller firms are getting gobbled up. Makes me wonder if it's even possible to have a smaller "quality of life" firm (which is how Ross Dixon billed itself when it spun off from Hogan). (See also Kelley Drye buying out Collier Shannon Scott in DC).
From this morning's press release announcing the deal:
The law firms of Troutman Sanders LLP and Ross, Dixon & Bell, LLP announced today they will merge, creating a 750-attorney firm with national and international reach and unparalleled depth.The merger, approved by the partnerships at both firms and effective Jan. 1, 2009, combines Troutman Sanders' multi-faceted corporate, finance, litigation, real estate and public policy practices with Ross, Dixon & Bell's exceptional insurance, professional liability and commercial litigation practices, among other synergies.... The merged firm will be named Troutman Sanders LLP and will remain headquartered in Atlanta. It will have about 1,700 employees.
More opinions on the Troutman Sanders / Ross Dixon combination, plus links to articles and press releases, below the fold.
Continue reading "Law Firm Merger Mania: Two More Medium-Sized Mergers"
Friday, September 14, 2007 10:00 AM - By David Lat
We broke the news of the Kilpatrick Stockton pay raise earlier this month. Today's Fulton County Daily Report has an article about it here.
The Kilpatrick move is old news -- it was actually announced before Labor Day -- but Meredith Hobbs's piece does contain a helpful summary of where the big Atlanta firms stand:
Alston & Bird sparked this round of Atlanta pay raises on Aug. 1 when it increased associate pay across the board, starting at $145,000 for first-years and rising to $190,000 for seventh years—the same scale that Hunton & Williams instituted in February during the year’s first round of associate salary increases. At that time, most of the city’s big firms increased first-year pay from $115,000 to $130,000. That followed a similar $15,000 pay increase at the beginning of 2006, also sparked by Alston.Other firms that have announced they will raise local first-year pay to $145,000 in January include Troutman Sanders, Sutherland Asbill & Brennan and Paul, Hastings, Janofsky & Walker. Jones Day will raise first-year pay to $150,000 at that time.
Kilpatrick first-years join the $145K club [Fulton County Daily Report]
Earlier: Nationwide Pay Raise Watch: Kilpatrick Stockton
Friday, August 10, 2007 10:15 AM - By David Lat
The dominoes are falling in Atlanta. Last night, Troutman Sanders made its associate pay raise announcement.
From the Fulton County Daily Report:
Troutman Sanders raised associate pay $15,000 across the board in its Atlanta, Washington, Virginia and North Carolina offices Thursday, with the starting salary going from $130,000 to $145,000.The firm's managing partner, Robert W. Webb Jr., announced the pay increase to associates at 5 p.m. Thursday.
The raises are effective Jan. 1, 2008, the same date the pay raise that Alston & Bird announced to its Atlanta associates last week goes into effect. Earlier this week, King & Spalding matched Alston's $15,000 increase in starting pay, also effective Jan. 1, but did not raise pay for more senior associates.
Correction: According to a source at the firm, as well as various commenters, "Troutman's DC and Tysons Corner offices have starting salaries of $160K as a result of the increase. (Troutman's Atlanta office is starting at $145K)."
What's most noteworthy about this raise, as pointed out to us by several tipsters, is that it's "across the board" -- not just for first- or second-year associates. In Atlanta, where salary compression for more senior associates is a serious issue, an across-the-board raise of $15,000 is good news indeed. It's better than what has been announced thus far by Alston & Bird and King & Spalding.
More discussion, after the jump.
Continue reading "Nationwide Pay Raise Watch: Troutman Sanders"
Friday, June 8, 2007 4:10 PM - By David Lat
The day that many of you have been waiting for has arrived. Today ATL goes to ATL: the fair city of Atlanta!
Based on NALP forms and prior news articles, it seems that starting salaries in the Big Peach generally range from $130,000 and $145,000 (similar to Philadelphia).
At $130K: Alston & Bird; Arnall Golden Gregory; King & Spalding; Kilpatrick Stockton; McKenna Long & Aldridge; Morris, Manning & Martin; Paul Hastings; Powell Goldstein; Smith Gambrell & Russell; Sutherland Asbill & Brennan; Troutman Sanders; Womble Carlyle.At $135K: Jones Day
At $145K.: Dow Lohnes; Hunton & Williams; McGuireWoods; Schiff Hardin.
At $160K: Fish & Richardson (IP work).
Feel free to discuss associate compensation, or any other hot issues in Hotlanta, in the comments. Thanks.
New lawyers' pay puts public sector to shame [Atlanta Journal-Constitution]
Alston & Bird Raises First-Year Pay Yet Again [Fulton County Daily Report]
Hunton raises first-year salaries to $145,000 [Fulton County Daily Report]
Related: Open threads focused on Denver, Hartford, Philadelphia, Seattle, New Jersey, Phoenix, Charlotte.
Wednesday, January 31, 2007 9:53 AM - By David Lat
A few more confirmed announcements of associate pay raises have rolled in. We collect and reprint them after the jump, where you should also feel free to continue the discussion from yesterday's open thread. Thanks.
Update: If you read the earliest version of the post, please note that we have added quite a bit of new material to it since we first published it. Refresh your browser to see the latest additions.
Continue reading "Skaddenfreude: Jenner & Block, Mayer Brown, Troutman Sanders"
Friday, September 1, 2006 3:05 PM - By David Lat
Not a heck of a lot going on today. A few announcements, but this was the only one that was even mildly interesting:
* Monty Wilkinson to Troutman Sanders (of counsel), from the U.S. Attorney’s Office for the District of Columbia. He was executive assistant U.S. attorney for management since 2001.
It's the Friday afternoon before Labor Day weekend. What the heck are you still doing here?
[Legal Times (subscription)]