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Firms offering new alternatives to partnership

An increasing number of law firms are offering alternatives to the partner track. Many firms have created Professional Support Lawyer (PSL) positions for senior attorneys with strong research and analytical skills.

Another option offered by many firms is an in-house attorney trainer position. These attorneys are responsible for staff development and generally exhibit superior communication and management skills.

While these positions often pay 10-20% less than their billing counterparts, they offer comparatively less stress than positions on the partner track.

03-16-2006

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Dallas/Ft. Worth firms raise associate salaries

Strong earnings in 2005 have prompted more Texas-based firms to offer higher salaries for associates. Last week, Vinson & Elkins announced a modified salary structure, increasing annual associate pay.

This week, Andrews Kurth announced increased associate salaries retroactive to January 1. Previously, the firm raised salaries for associates in its Washington, DC, and New York offices.

Earlier this month, Weil Gotshal & Manges increased its entry-level pay from $125,000 to $145,000. In April, Hunton & Williams will increase first-year salaries by $5,000 in its Dallas office.

03-15-2006

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Sherman & Howard in merger talks with Jennings Strouss

Denver-based firm Sherman & Howard is currently in talks with Phoenix-based Jennings Strouss & Salmon for a potential merger.

Sherman & Howard is a 130-lawyer firm with practices including business, employment, litigation, bankruptcy, public finance, tax and probate law. A merger with Jennings Strouss would expand its geographic reach, strengthen its real estate practice and add energy and intellectual property practices.

Last year, Jennings Strouss, an 80-lawyer firm, announced plans to bolster its corporate presence, particularly in the area of corporate, public finance and securities. The firm also added five energy attorneys to its Washington, DC, office.

Both firms have offices in Phoenix and share similar cultures and financial structures. Experts forecast that a merger would benefit both firms.

03-15-2006

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More law school grads failing bar exam

According to figures from the National Conference of Bar Examiners, the failure rate for the bar exam is growing. Based on the most recent figures available, almost half of the people who sat for the bar exam in 2004 failed. In the State of California, more than 60% failed.

Experts have identified many possible factors contributing to the declining passage rate. Analysts point to the rise of unaccredited law schools, tough state-by-state standards for receiving licensure and poor pre-exam preparation by law schools.

While the pass rate has dropped off, many law firms have refused to modify their standards, adhering closely to a two-strikes policy. Many new hires will have only two attempts to pass the bar before their firm gives them the axe. The law of averages is also stacked up against law school graduates who fail the bar exam. On average, the pass rate for test-takers repeating the bar exam is only 25%.

03-14-2006

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Changes at Cochran Law Firm draw the ire of the community

Since the passing of celebrity litigator Johnnie Cochran, changes at the national Cochran Law Firm have upset many in Cochran's native Los Angeles. Many members of the African-American community have issued complaints over the departure of two prominent African-American partners from the firm. Others have questioned the firm's launch of a controversial nation-wide criminal practice.

Cochran, who died in 2005, established a reputation for representing victims of civil rights violations and taking on high-profile cases. Most famously, he represented O.J. Simpson in a 1995 murder trial.

Complaints leveled against the firm since Cochran's death involve the firm's new focus on criminal law rather than civil rights, as well as the noticeable absence of two black partners, Shawn Chapman Holley and Eric Ferrer, who helped Cochran establish the firm. Many have accused white partners of ousting Chapman Holley and Eric. Ferrer says his departure stemmed from fundamental disagreements over the direction of the firm.

Spokespersons from the firm maintain that the number of complaints is minimal and that the firm continues to honor Cochran's legacy.

03-14-2006

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Vinson & Elkins offers across-the-board salary increases in Texas

Vinson & Elkins has become the first Texas law firm to announce salary increases across the board for attorneys at all levels. The firm also released plans for guaranteed first-year associate bonuses.

Effective March 1, first-year associates at the firm's Houston office will receive $135,000, along with a bonus of $5,000. Second-years are eligible for $145,000 per year with maximum bonuses of $10,000. Salaries for third through eighth-year associates will range from $150,000 to $190,000 per year. The firm is offering $145,000 in its Washington, DC, and New York offices.

03-13-2006

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Top firms post record-breaking revenues for 2005

Many leading U.S. firms have reported record-breaking revenues and profits per equity partner for 2005. Some are crediting the growth to the unprecedented boom in corporate, M&A and securities practices.

Of the top-20 U.S. firms, seven posted earnings in excess of $1 billion, including Skadden Arps Slate Meagher & Flom, Weil Gotshal & Manges and White & Case. The international firm of Cleary Gottlieb Steen & Hamilton reported a 17% increase in revenues. Houston-based Greenberg Traurig is still to come in with revenue figures for 2005.

Los Angeles-based O'Melveny & Myers has reported a 23% increase in profits per equity partner, an astounding figure. New York-based Kirkland & Ellis, who launched a new office in Munich last year, posted revenues up 12% to $935 million.

03-13-2006

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