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Debevoise & Plimpton reports record growth

New York-based Debevoise & Plimpton has announced double-digit increases in revenues and profits for 2005, owing to growth in its international offices.

The firm's annual revenue increased to $536 million, and its average profit per equity partner increased to $1.7 million. It attributes the growth to its foreign offices in London, Paris, Frankfurt and Moscow. While the firm's mergers and acquisition, insurance, international arbitration, aircraft finance and securities played a major role in this robust growth, its private equity practice was the key to its impressive financial results.

03-22-2006

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White & Case to change management structure

International firm White & Case is considering a transition in its management structure and expansion strategies. The firm is planning to introduce a new senior partner role, a two-tier management board, an extended network of regional management and/or a non-lawyer management position.

The firm currently operates under an eight-member management board, supervised by managing partner Duane Wall, who is to step down in 2008. The firm feels the need for more than one full time manager who can only implement changes with the approval of at least 85% of the firm's equity partners.

03-22-2006

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Analyzing the law firm associate salary wars

For the past several months, news of salary increases for first-year attorneys has made headlines. Most firms attribute these raises to growing firm revenues and increasing competition between law firms.

What remains to be seen is whether or not these raises give firms a recruiting advantage. For instance, the average law school graduate in Boston will stay in Boston to practice even though New York firms pay roughly $5,000-$10,000 more.

Experts predict that in the long run, these salary increases will mount pressure on associates to bill more hours. Law firms can avoid this problem by either absorbing the cost of the pay raises or paying partners less, options favored by few firms.

03-22-2006

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Chicago law firms raise first-year salaries

More firms in the Chicago area have raised salaries to $135,000 a year for first-year associates. In order to keep up with their competitors in the other big markets, such as New York and Southern California, Chicago is rewarding its associates with larger paychecks.

McDermott Will & Emery; Vedder, Price, Kaufman & Kammholz; Jenner & Block; Winston & Strawn; and Katten Muchin Rosenman have all set first-year salaries at $135,000 in their Chicago offices. Most of the aforementioned firms, however, are against uniform salaries for their other offices across the U.S. For instance, McDermott adjusts salaries according to local market conditions, with associates in New York earning $145,000 and those in Miami receiving $125,000. Vedder Price utilizes a different approach, offering the same salary in both its New York and Chicago offices. Similarly, Sonnenschein Nath & Rosenthal offers $135,000 for first-year associates in Chicago, Los Angeles, San Francisco and Washington, while its New York associates receive $145,000.

Raises for associates in St. Louis and Kansas City, MO, are currently under consideration.

03-21-2006

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More U.S. law firms break into the Russian market

An increasing number of U.S. firms are opening Russian branch offices. Haynes and Boone opened a Moscow office last year to tap into the Russian and the Caspian region. Bracewell & Giuliani set up offices in Kazakhstan in 1997. Baker Botts opened a Moscow office in 1993, and Vinson & Elkins established a Moscow office in 1991. Lately, Houston-area law firms with energy practices have become active in Russia and the former Soviet States, including Kazakhstan, Azerbaijan, Ukraine, Tajikistan and Uzbekistan.

Law practices in the former U.S.S.R. must grapple with evolving laws in various jurisdictions. American attorneys practicing in the region have cited numerous difficulties in dealing with the culture and claim that creating local business partners and nurturing trusting relationships with locals is key to practicing in the region.

03-21-2006

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Hiring boom for the Triad area

Things are looking up for lawyers in the Triad area of the Carolinas, as a 10% employment increase has been predicted for 2006. Today, there are 2,945 lawyers practicing in the area, according to the North Carolina State Bar, a slight increase from 2001's figures. Experts predict that number will dramatically increase this year.

Brooks Pierce McLendon Humphrey & Leonard and Tuggle Duggins & Meschan, for example, have announced plans to bring in new attorneys this year. The economic upswing in the Triad area has brought in more corporate, IP, real estate and litigation work, thus necessitating more attorneys.

Local law schools say recruiting is up with 10% increases in campus interviews at Wake Forest University School of Law and Duke University School of Law. Average starting salaries for new associates at Triad law firms have already risen to $115,000 from $100,000 last year.

03-21-2006

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Goodwin Procter looks westward

Goodwin Procter is looking to expand into the San Francisco, Los Angeles and Silicon Valley markets. The Boston-based firm, hoping to establish itself as a national practice, is weighing options, including merging with an existing firm or hiring lawyers in the area.

Founded in 1912, Goodwin Procter has a significant presence on the East Coast with 100 lawyers in its Washington, DC, office and 125 attorneys in New York. The 650-attorney firm represents a diverse range of technology, life sciences, financial services and real estate clients.

03-21-2006

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