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More strife over Texas law firm tax legislation

Governor Rick Perry's Tax Reform Commission has proposed a new tax policy for partnership entities, including law firms.

As reported last week by The Daily Judged, some of Texas' biggest law firms are lobbying to minimize the potential damage and have formed a Law Firm Legislative Coalition comprised of 18 of the State's biggest firms. The major players in the coalition are Akin Gump Strauss Hauer & Feld, Andrews Kurth, Baker Botts, Fulbright & Jaworski, Hunton & Williams, Jones Day, Vinson & Elkins and Weil Gotshal & Manges.

These firms are discontented with the proposed deductions cap, owing to differences in tax rates and deductions for various kinds of businesses.

The Coalition is not trying to scuttle the partnership tax, instead suggesting that the tax margin should be adjusted. Other suggestions from the Coalition include increasing the per-person compensation cap from $300,000 to between $500,000 and $550,000.

04-04-2006

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White & Case to implement new management structure

White & Case is considering a redesigned two-tier management board structure as part of its new governance policy. Also being debated is the introduction of a senior partner role, the addition of a non-lawyer to the management board and the extension of regional management, effective April 1, 2007. Any changes, however, will require an 85% majority vote from the firm's partners.

Managing partner Duane Wall, who is stepping down from his position in 2008, is currently overseeing the consultation process. The firm's eight-partner management committee consists of four partners from the U.S., including firm chairman William Wynn, Kevin Barnard, Timothy Goodell and Eric Berg, who all reside in New York. The other four are based in Europe.

The firm recently broke the one billion-dollar mark for revenues in 2005 and now has more lawyers in the rest of the world than it does in the U.S. It previously overhauled its management structure in 2000.

04-04-2006

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Reasons behind the increasing associate salaries

The last seven months saw large salary increases at most major law firms across the U.S. Experts claim the reason behind this salary activity is that the demand for talented young lawyers continually outnumbers its supply.

In the last two decades, law firms have been growing at an increasing rate. The biggest firms have gotten even bigger, owing to growing international, mergers and acquisition, corporate, intellectual property and litigation practices. Moreover, the firms have gotten a whole lot richer. In 2005, nearly 185 firms reported more than $100 million in gross revenues, while at least seven firms brought in more than $1 billion. The result has been greater hiring power for these firms, as demonstrated by the significant increase in the average incoming class size at the largest law firms in the past 10 years. Latham & Watkins, for instance, reported a 162.5% in the incoming class of new associates over the past 10 years.

With the partner track now taking almost 10 years at the average major law firm and the growing amount of law school loans to pay off, young attorneys are more interested in making as much money as possible while they are young than in long-term goals. To that end, salary has become the deciding factor for new grads. This possibly means that as long as firms keep getting bigger and richer, salary hikes will remain the order of the day.

04-03-2006

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Wilson Sonsini to move to DC

Wilson Sonsini Goodrich & Rosati, the Silicon Valley-based corporate technology powerhouse, is planning to relocate its Reston, VA, office to Washington, DC.

The 28-lawyer office will move 30 miles from Virginia to Washington in order to advance its national platform and strategic objectives. Considering it a natural transition, the firm attributes the change to its clients who are increasingly demanding a DC presence. Also, the firm considers Washington as the home to its antitrust practice, as it is located near the major regulatory authorities, such as the Securities and Exchange Commission and the International Trade Commission.

The office comprises six partners and 22 associates. Five of those partners and 15 associates belong to the antitrust practice.

04-03-2006

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Wilson Sonsini to move to DC

Wilson Sonsini Goodrich & Rosati, the Silicon Valley-based corporate technology powerhouse, is planning to relocate its Reston, VA, office to Washington, DC.

The 28-lawyer office will move 30 miles from Virginia to Washington in order to advance its national platform and strategic objectives. Considering it a natural transition, the firm attributes the change to its clients who are increasingly demanding a DC presence. Also, the firm considers Washington as the home to its antitrust practice, as it is located near the major regulatory authorities, such as the Securities and Exchange Commission and the International Trade Commission.

The office comprises six partners and 22 associates. Five of those partners and 15 associates belong to the antitrust practice.

04-03-2006

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Jackson Lewis' "on the job" survey

Jackson Lewis, a national law firm, released the 2005 findings from its annual "on the job" survey. In 2005, nearly 150 corporate attorneys and human resource managers from large and medium-sized companies participated in the law conferences around the country.

Sexual harassment prevention training for supervisors has reached almost 90%, an increase from 2004. 51% of firms reported more gender discrimination claims in 2005. The number of firms sued by an employee, however, showed an 8% decline.

Despite the low national unemployment rate, for the fifth year in a row, job security was the main concern cited by 48% of respondents. This is a substantial drop from 2004, when 66% identified job security as the most critical national issue.

04-03-2006

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Jackson Lewis' "on the job" survey

Jackson Lewis, a national law firm, released the 2005 findings from its annual "on the job" survey. In 2005, nearly 150 corporate attorneys and human resource managers from large and medium-sized companies participated in the law conferences around the country.

Sexual harassment prevention training for supervisors has reached almost 90%, an increase from 2004. 51% of firms reported more gender discrimination claims in 2005. The number of firms sued by an employee, however, showed an 8% decline.

Despite the low national unemployment rate, for the fifth year in a row, job security was the main concern cited by 48% of respondents. This is a substantial drop from 2004, when 66% identified job security as the most critical national issue.

04-03-2006

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