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Professional malpractice insurance

According to a recent survey by The State Bar of New Mexico's Professional Liability Committee, most attorneys carry professional malpractice insurance. Of the 3,700 attorneys surveyed by the Committee, about 2,900 reported that they are insured for professional malpractice. Of these, more than 60% claimed the maximum coverage in the range of $1 million-$2 million.

Currently, Oregon is the only state which requires malpractice insurance for lawyers. Other states, however, have proposed it. The issue of mandatory malpractice insurance is a controversial one. Opponents claim that requiring such insurance would only fuel lawsuits from litigious clients.

03-28-2006

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Professional malpractice insurance

According to a recent survey by The State Bar of New Mexico's Professional Liability Committee, most attorneys carry professional malpractice insurance. Of the 3,700 attorneys surveyed by the Committee, about 2,900 reported that they are insured for professional malpractice. Of these, more than 60% claimed the maximum coverage in the range of $1 million-$2 million.

Currently, Oregon is the only state which requires malpractice insurance for lawyers. Other states, however, have proposed it. The issue of mandatory malpractice insurance is a controversial one. Opponents claim that requiring such insurance would only fuel lawsuits from litigious clients.

03-28-2006

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More associate salary increases in Texas

Texas firm Locke Liddell & Sapp has raised first-year associate salaries to $140,000 retroactive to March 1. The new salary hike will apply to all its five offices, which include Houston, Dallas, Austin, New Orleans and Washington, DC.

Second-years will earn $145,000. Third to eighth-year associate salaries will range from $150,000 to $190,000 per year. This move follows closely the pay structure implemented by Baker Botts for its Texas offices.

While Baker Botts has already disclosed its bonus structure, which will depend on seniority and range from $10,000 to $50,000, Locke Liddell is still evaluating its bonus arrangements.

03-27-2006

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Shearman & Sterling Jessup Cup under way

The Shearman & Sterling Jessup Cup, one of the largest and most prestigious moot court competitions, is expecting nearly 100 teams from 80 countries this year. For the past four years, Shearman & Sterling has been the exclusive sponsor of the Philip C. Jessup International Law Moot Court Competition.

Students from all over the world compete each year in regional competitions for the distinction of advancing to the International Rounds in Washington, DC. Highlights of this year's cases include bilateral investment treaties, state responsibility for the activities of public-private joint ventures and the human rights of indigenous peoples.

The International Rounds will be administered by the International Law Students Association with more than 200 matches being argued before leading scholars and practitioners.

03-27-2006

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Smaller firms seek to affiliate with international firms

A growing number of small and mid-sized firms are seeking to establish relationships with large international practices. The latest example is the 30+ lawyer Florida firm of Zumpano, Patricios & Winker.

Zumpano Patricios has boosted its reputation by affiliating with firms in Madrid, Panama City and Milan. The firm has adopted an "innovative new globalism" model, which has led the firm to forge relationships with foreign rather than domestic practices.

This model allows for increased global commerce and also prevents the firm from competing with other firms in relevant markets.

03-27-2006

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Sherman & Howard and Jennings Strouss cancel merger

The expected merger between Denver-based Sherman & Howard and Phoenix-based Jennings Strouss & Salmon has been called off.

Sherman & Howard and Jennings Strouss were conducting serious merger talks, which have now been called off due to reported conflicts of interest between the firms and their clients. Both firms claim to be considering merger possibilities with other firms.

03-24-2006

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Akin Gump reveal revenue figures for 2005

Major Texas firm Akin Gump Strauss Hauer & Feld has posted modest revenue increases for 2005.

Profit per equity partner went up 8% from $890,000 in 2004 to $964,400 in 2005. Total revenues showed a 1% increase to $618 million.

In early 2005, the firm appointed 16 new partners and 43 new counsels. Last Spring, it expanded its Asian presence with the launch of a Shanghai office. The firm recruited several lateral hires from Baker & McKenzie; Freshfields; Kelly and Hart & Hallman.

03-24-2006

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