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New ruling allows New Jersey firms to own other firms

Law firms can now own other law firms as a wholly-owned subsidiary according to the New Jersey Supreme Court Advisory Committee on Professional Ethics and the Committee on Attorney Advertising.

The new ruling is landmark because previously, law firms could only own non-law firm businesses, such as the consulting firms. Now, law firms can buy and sell other law firms as investments and can also hire pinpoint boutiques to handle certain client demand and then sell it off or shut it down when the demand falls off. The parent law firm can reap the net profits of its subsidiary but needs to be careful while advertising for the subsidiary firm. The ownership/subsidiary relationship must be disclosed. The opinion also states that a representative from the parent law firm should handle and direct the operations of the subsidiary. According to the opinion, the representative must be a licensed attorney.

Experts say that firms will now be able to acquire smaller practices and move into new territories without worrying about its overall brand. The opinion is predicted to benefit law firms in New Jersey, and other states are closely analyzing the effects of the ruling.

05-03-2006

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In-house alliance

As per an agreement between LexisNexis and Altman Weil Publications, Martindale-Hubbell and Altman Weil will work together to conduct and disseminate the results from two annual benchmarking surveys of in-house law departments.

Altman Weil's Law Department Compensation Benchmarking Survey and Law Department Metrics Benchmarking Survey are annual nationwide studies that scrutinize how corporate legal executives are paid and how they manage their departments, respectively.

The Altman Weil Law Department Compensation Benchmarking Survey is the most comprehensive analytical resource for reviewing and setting law department compensation. The Survey collects data on salary, bonus, total cash, and stock options for nine in-house positions. The Survey will help professionals to measure their department against comparable departments and will provide a meaningful baseline against which to evaluate the equity and competitiveness of the compensation system they currently use.

As per the terms of the agreement, Altman Weil will prepare the surveys, analyze the results, and publish the reports while Martindale-Hubbell will leverage its nationwide network of in-house counsel to maximize participation by in-house law departments and to disseminate the surveys.

Sponsored by Martindale-Hubbell and Altman Weil, the reports are expected to be published in August and September of 2006.

LexisNexis® is a leading provider of information and services solutions, including its flagship Web-based Lexis® and Nexis® research services, to a wide range of professionals in the legal, risk management, corporate, government, law enforcement, accounting, and academic markets. LexisNexis Martindale-Hubbell provides client development solutions for the legal profession, partnering with its law firm customers to meet their practice development goals.

05-03-2006

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NYC law firms on the top

The latest edition of the Am Law 100, published by The American Lawyer, has placed New York City law firms among the most profitable.

The ranking is done on the basis of annual gross revenue, number of lawyers, and average profits generated per partner. According to the results, 22 out of 33 Manhattan law firms earned more than $1 million per partner. This was the first time that the average profitability per partner topped $1 million.

The American Lawyer has received numerous awards for excellence in journalism. It also publishes exclusive research reports, the The Am Law 100 and The Am Law 101+, the Global 100 survey of the world's largest law firms and the Corporate Scorecard, which rank the top firms and biggest deals of the year

05-03-2006

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DLA ventures into Atlanta

DLA Piper Rudnick Gray Cary is set to venture into the Atlanta legal market. With 3,100 lawyers located in 22 countries and 58 offices throughout Asia, Europe and the U.S., the firm's office in Atlanta will be its 59th.

Already generating buzz in the real estate industry, the firm has leased about 45,000 square feet on two floors of One Atlantic Center, a landmark Midtown tower.

One of the largest law firms, DLA Piper Rudnick Gray Cary US LLP was recently ranked third nationally among the 100 most frequently hired securities litigation practices by Securities Law360. DLA Piper's litigation practice has more than 600 attorneys in the U.S. and 1,200 lawyers worldwide.

05-02-2006

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Linklaters salary increase

International law firm Linklaters has substantially raised its salary in a move to retain its mid-level associates.

Effective May 1, associates at the fourth-year level and up will receive 12% raises. Fourth-year attorneys, currently making $142,000 per year, will be earning $160,000. First-year associate salaries will move from $103,450 to slightly more than $108,500, while second-years will move from $118,469 to a little more than $126,609. Trainees will receive $56,612 up from the earlier $53,718.

The raise, supported by bonus and a benefits package, will also allow assistants to 'bank' accumulated paid leave for hitting billing targets. Other new benefits include emergency childcare and a concierge service, which will be open to everyone in the firm.

05-02-2006

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Powers & Frost join NAMWOLF

Powers & Frost LLP, a female-owned-and-operated defense litigation firm has been admitted to The National Association of Minority & Women Owned Law Firms (NAMWOLF).

Having strict admission criteria, NAMWOLF admits only those minority-owned law firms that have a long history of representing major corporations and public entities. NAMWOLF was established in 2001 to encourage major corporations and public entities to utilize the services of minority-owned law firms. NAMWOLF also assists its members in developing strategic alliances and affiliations. Through these efforts, NAMWOLF helps ensure the long-term survival of minority and female-owned law firms.

05-02-2006

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Law firms give back to the community

DLA Piper Rudnick Gray Cary, the 6th largest legal service organization in the UK by turnover, has teamed up with the UK's leading youth charity, The Prince's Trust. Together they have taken up the cause of helping young disadvantaged people develop practical job skills for the construction industry. The initiative includes its newly formed Construction & Business Services ("CBS") Leadership Group comprising AMEC, BAA, Carillion, Construction Skills, DLA Piper, DRAX, ICI Paints and Rok.

The joint program will not only address the skills shortage currently faced by the industry but maximize upon the unique opportunity that exists due to the 2012 Olympics Games and also the increasing health, education, transport and heritage sector projects around the UK.

05-01-2006

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