legal-industry3.42 min read
Weil Gotshal & Manges Faces Record Partner Exodus as It Courts Returning Laterals
15 days ago•Source: Financial Times
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2.31 min•18 days ago
BTI 2027 Litigation Rankings: Quinn Emanuel Tops 'Fearsome Foursome' as Greenberg Traurig Secures Multiple Awards
BTI Consulting Group’s 2027 Litigation Outlook identifies Quinn Emanuel, Kirkland & Ellis, Skadden, and Gibson Dunn as the 'Fearsome Foursome,' the most intimidating firms in US litigation. Greenberg Traurig was named among the 'Feared Opponents' for the second consecutive year and earned eight category-specific awards. The rankings, based on in-house counsel polls, highlight how firm reputation influences litigation strategy and settlement decisions before cases even begin.
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"2023-2024: Biglaw Firms' Success and Rankings Revealed"
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"2024 Am Law 100: Ranking by Key Financial Metrics"
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"2024 Am Law 100: Key Rankings Revealed"
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"
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
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"
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.
Law Firm Productivity Plummets, Posing Financial Challenges
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 the Best Lawyers in America: Ones to Watch and Pearls of Wisdom
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.
"Top Young Attorneys of 2023: Jesse Brush and Jonathan Ross Named Rising Stars by Law360"
Law360 has released its list of Rising Stars of 2023, featuring 183 attorneys under 40 who have achieved significant legal accomplishments despite their age.
Top Biglaw Firms and Lawyers Recognized for Exceptional Client Service and Power in Pennsylvania
BTI Consulting Group has released its annual list of "all-star" attorneys who excel in client service, based on feedback from over 350 in-house decision-makers at large organizations. Jones Day and Gibson Dunn lead the pack with 13 and 11 lawyers respectively, while almost 300 attorneys were named to the list. Four lawyers were mentioned by more than one client, including Stephanie L. Adler-Paindiris of Jackson Lewis, Sandra C. Goldstein of Kirkland & Ellis, Jeff E. Scott of Greenberg Traurig, and Sara M. Turner of Baker Donelson.
Biglaw Billing Rates Soar in Top Cities and Drive Lateral Movement.
According to the latest LexisNexis CounselLink report, Biglaw partner billing rates are surging in certain metropolitan areas of the U.S., with median partner billable rates climbing by higher than 5% in six major cities. While the average partner billable rate increased by 4.5% overall, these cities saw the highest percentage rate increases in 2022.