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New study ranks legal systems state by state

The U.S. Chamber Institute for Legal Reform's 2006 State Liability Systems Ranking Study found Delaware's legal system to be the fairest, while West Virginia's is the least fair.

The ranking was based on a number of factors, including overall treatment of torts, contract litigation, class action, mass consolidation suits, judges' impartiality and competence and juries' predictability and fairness.

Delaware has been ranked number one by the study for the past five years. Other states scoring high in the study include Nebraska, Virginia, Iowa and Connecticut. Louisiana, Mississippi, Alabama and Hawaii were among the low ranking states.

03-29-2006

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Another Philadelphia firm increases associate salaries

Philadelphia-based Cozen O'Connor has added $15,000 to its first-year associate salaries, the largest raise offered in the area so far this year.

The salary increase will bring annual pay for first-years to $125,000 effective July 1. The increase is restricted to the firm's Philadelphia, Cherry Hill, West Chester, Newark, Wilmington and New York offices. Senior associates will receive merit-based salaries.

Competitors Ballard Spahr Andrews & Ingersoll, Drinker Biddle & Reath, Duane Morris and Wolf Block Schorr & Solis-Cohen have all made similar moves, increasing entry-level salaries to $125,000. Morgan Lewis & Bockius and Dechert remain the market leaders, offering $135,000 to first-years.

03-29-2006

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More attorneys moving in-house

Despite the significant salary increases offered by law firms, legal recruiters report an upward trend in the demand for in-house counsel positions.

Companies, especially venture-backed startups, have been bringing in attorneys at a growing rate. The regulatory requirements for going public have led companies to bring in to in-house counsel at early stages to ensure compliance with IPO regulations.

Corporations also look to in-house attorneys to take tighter control of the cost and quality of their legal work. An in-house legal perspective is often utilized to handle risk management in the routine work sent to outside counsel.

According to recent quality of life studies, attorneys working in corporate settings enjoy a far more manageable lifestyle than their peers at law firms. This may be a contributing factor to the increasing number of attorneys seeking in-house positions.

03-29-2006

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Birmingham firms to increase first-year salaries

Following the national trend, many Birmingham, AL-based law firms are planning to raise first-year associate salaries.

According to the National Association of Legal Professionals, Birmingham firms have not reported any significant salary increases since 2001, when the median base salary increased by 21% from $66,000 in 2000 to $80,000.

Eyeing competitors in Atlanta, firms like Bradley Arant Rose & White and Maynard Cooper & Gale are considering salary increases. Those firms currently offer $90,000 first-year associate salaries, but experts predict that a $10,000 raise may be in the works.

03-29-2006

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Texas law firm tax

The Texas Tax Reform Commission has announced plans to levy taxes on partnerships, such as law firms. The official recommendation will be handed down tomorrow in a move that is expected to reduce school property taxes by approximately $5.8 billion.

The new measure would tax about 4.5% of net law firm income. A possible loophole would allow for firms to deduct the first $300,000 of compensation paid to each employee. Texas firms had previously been exempt from such taxation and had been designated "flow-through" entities, where partners distribute profit based on internal agreements.

Some of Texas' biggest law firms, those that stand to lose the most revenue if taxed, are lobbying to minimize the potential damage. They have formed a Law Firm Legislative Coalition, comprised of 18 of the State's biggest firms.

03-28-2006

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Proskauer Rose and Fried Frank reveal strong profits

Proskauer Rose and Fried Frank Harris Shriver & Jacobson, both major firms with influence throughout the U.S., have announced strong revenue increases for the year 2005.

Proskauer posted a 15% increase in fee income, which reached $454 million, while profits per partner rose 7% to $1.22 million. Fried Frank's revenue increased 9% to $390 million, while profits per partner hit a reported $1.24 million, an 8% increase.

In 2005, both firms made several high-profile lateral hires and increased their international presence by expanding foreign practices.

03-28-2006

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Online law schools on the rise

With current education costs higher than ever and a rising law school entry rate, an increasing number of prospective law students are turning to online law schools.

For most graduates and post-graduates, attending a traditional law school means sacrificing family life and quitting their jobs. Internet law school offers opportunities for people bound by family or work commitments, for older students and also for people living in remote areas. While degrees from accredited law schools can cost more than $90,000, an online degree costs anywhere from $12,000-$32,000.

California is currently the only state that offers online law degrees for students considering the bar examination. Some online schools have reported a 50% passage rate for grads taking the bar exam for the first time, which is a little more than the overall 48.8% for first-timers in general.

Critics claim online law schools are not nearly as reliable as their traditional counterparts. Internet classes lack the Socratic Method of teaching, a cornerstone of legal education, which encourages reciprocal discussions among students and professors. Some legal analysts, however, predict that as the success of online law schools grow, the ABA will be forced to reconsider them.

03-28-2006

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