Elite US Law Firms Award Six-Figure Bonuses to Associates
Originally Published 13 days ago — by Financial Times
Top US law firms are awarding their associates bonuses exceeding $300,000, highlighting strong financial performance in the legal sector.
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Legal Industry
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Paul Weiss Loses Prominent Lawyers Over Trump Deal
Originally Published 7 months ago — by Financial Times
Damian Williams, a prominent lawyer and former US Attorney, is leaving Paul Weiss for Jenner & Block amid the firm's capitulation to pressure from Donald Trump, highlighting turmoil in the legal sector as firms face challenges from the Trump administration's executive orders targeting law firms with Democratic ties.
Delaware Courts and Lawyers Profit as Companies Reconsider Their Jurisdiction
Originally Published 7 months ago — by The New York Times
A new study highlights how Delaware's judiciary has become a lucrative source of fees for lawyers, raising questions about its dominance as the preferred state for incorporation, while investors monitor international trade tensions and AI regulation implications in U.S. policy.
Major Companies Cut Ties with Law Firms Over Trump Deals
Originally Published 7 months ago — by The Daily Beast
Major companies are distancing themselves from law firms that compromised with the Trump administration, citing concerns about their reliability and integrity, following the firms' deals with the White House which included pro bono commitments and other agreements under political pressure.
Top Law Firms Align on Bonuses, Safeguard Partner Earnings
Originally Published 1 year ago — by Bloomberg Law
Milbank LLP has initiated the latest round of year-end bonuses for associates, offering up to $140,000, as other major law firms follow suit. Despite the stagnant bonus scale since 2021, firms are adding special bonuses to manage costs and protect partner profits amid rising revenues. Milbank's early announcements aim to attract associate attention, though firms traditionally wait for Cravath's lead on compensation. The legal industry is balancing associate retention with the need to maintain cash flow for top partners, as demand for associates has decreased post-pandemic.
"2023-2024: Biglaw Firms' Success and Rankings Revealed"
Originally Published 1 year ago — by Above the Law
A Biglaw firm experienced a significant increase in its revenue per lawyer in 2023, with a staggering 82.58% rise, largely attributed to its lawsuit against Fox News.
"2024 Am Law 100: Ranking by Key Financial Metrics"
Originally Published 1 year ago — by Law.com
The Am Law 100 for 2024 has been ranked by profits per equity partner, showcasing the financial performance of the top law firms in the United States. The rankings provide insights into the industry's leading firms and their financial standings, offering valuable information for attorneys and legal professionals. Additionally, job opportunities for attorneys at various firms are highlighted, along with professional announcements and upcoming legal events.
"2024 Am Law 100: Key Rankings Revealed"
Originally Published 1 year ago — by Law.com
The 2024 Am Law 100 report shows that the average revenue per lawyer for the top law firms increased by 4.9%, indicating improved financial health for many firms, with eighty-five of them posting a gain in RPL.
"Denver Boutique Law Firm Closes as Fennemore Craig Gains 80 Lawyers"
Originally Published 1 year ago — by Above the Law
Fennemore Craig's latest group lateral hire from Moye White has resulted in the closure of the nearly 50-year-old boutique firm, with the majority of its employees choosing to join the larger firm. The move is expected to add close to $30 million in annualized revenue to Fennemore, which experienced a 5.7% increase in revenue in 2023. While not all Moye White employees received offers to move, Fennemore CEO James Goodnow expressed well wishes for those affected.
BigLaw Associates Enjoying Higher Salaries and Reduced Workload
Originally Published 1 year ago — by Above the Law
Big Law associates are experiencing a significant decrease in work hours and a substantial increase in salaries, with the average hours billed in 2023 dropping to a record low. The recent baseline salary increase to $225,000 for Biglaw associates, combined with the decrease in billable hours, could result in a productivity loss of over $100,000 per associate, according to a report from Wells Fargo’s Legal Specialty Group.
"Proskauer Rose Names Timothy Mungovan as New Chair Amid Leadership Transition"
Originally Published 2 years ago — by Above the Law
Proskauer Rose, a top Biglaw firm, has elected Timothy Mungovan as its new chair following the departure of former leader Steven Ellis due to health-related reasons. Mungovan, who has been with the firm for over a decade and held various leadership positions, expressed gratitude for Ellis's leadership and looks forward to continuing the firm's strategic vision. Under Ellis's guidance, the firm experienced significant growth, and he expressed confidence in Mungovan's ability to drive the firm forward as a destination for talent and clients.
AI Makes Historic First: Negotiates Contract Without Human Involvement
Originally Published 2 years ago — by CNBC
British AI firm Luminance has developed an autonomous AI system called Autopilot that can negotiate contracts with another AI without human involvement. The AI, based on Luminance's proprietary large language model (LLM), can analyze and make changes to contracts, freeing up lawyers from routine paperwork. Autopilot operates independently but allows human review, and it keeps a log of all changes made. The software highlights contentious clauses, suggests suitable alternatives, and takes into account companies' negotiation preferences. Luminance's Autopilot aims to streamline contract negotiations and reduce the time spent by legal teams on routine documents.
Law Firm Productivity Plummets, Posing Financial Challenges
Originally Published 2 years ago — by Above the Law
A survey conducted by Wells Fargo's Legal Specialty Group reveals that while headcount in the legal sector has increased, attorney productivity has reached a historic low. The survey, which includes 130 firms, shows a 3.9% increase in lawyer headcount but a 4.1% decline in productivity. Despite the drop in demand, most firms are choosing to wait it out rather than resorting to layoffs or associate deferrals. The survey also found a decrease in billable hours per lawyer, with an annualized pace of just 1,538 hours compared to last year's high of 1,688 hours. However, firms have seen a 4.4% increase in revenue, largely due to higher billing rates.
Celebrating 30 Editions of Best Lawyers' Rankings and Spotting Ones to Watch in America
Originally Published 2 years ago — by Best Lawyers
Best Lawyers celebrates the 30th edition of The Best Lawyers in America, highlighting the qualities of lawyers, firms, and the legal industry that embody excellence and lasting impact. The rankings are determined through a Purely Peer Review process, where attorneys evaluate their colleagues' work. This year, over 76,000 talented attorneys were recognized, representing around 5% of all lawyers in the United States. Best Lawyers' publications provide a platform for honorees to showcase their awards and expertise, while online resources offer clients fast and credible ways to find highly credentialed lawyers. The rankings promote camaraderie, excellence, and motivation among legal professionals, setting the standard for the industry. Best Lawyers plans to continue providing guidance and value to the legal industry by leveraging data, technology, and a commitment to transparency and accuracy.
Celebrating the Best Lawyers in America: Ones to Watch and Pearls of Wisdom
Originally Published 2 years ago — by Best Lawyers
Best Lawyers: Ones to Watch in America celebrates the rising stars of the legal profession, recognizing attorneys in their fifth through tenth years of practice who are making waves and displaying exceptional talent. This accolade highlights the importance of innovation, modernization, and fresh perspectives in the legal industry while respecting tradition. The honorees are voted on by their peers and represent the future leaders of the profession. The 4th edition of Best Lawyers: Ones to Watch in America showcases thousands of emerging legal talents worldwide, emphasizing their commitment to excellence and their potential for greater success in the years to come.