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Pepper Hamilton in merger talks with Nixon Peabody

Philadelphia-based Pepper Hamilton is reportedly in talks with Rochester, NY-based Nixon Peabody for a possible merger.

The 400-lawyer Pepper Hamilton recently posted strong earnings for 2005. The firm's revenues grew over 10% last year. Managing director of BCG Attorney Search's Washington, DC, office Dan Binstock said that "the improved financials make Pepper Hamilton an attractive merger prospect."

Officially, the merger has not been confirmed or denied as of yet. A merger between the two firms would give Pepper Hamilton a stronger presence in New York and a new office in Boston. For Nixon Peabody, the merger would result in a stronger practice in Philadelphia.

03-10-2006

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Weil, Gotshal & Manges posts major revenues for 2005

Weil Gotshal & Manges has reported revenues of over $1 billion for 2005. This makes Weil Gotshal the seventh U.S. firm to post annual revenues in excess of $1 billion this year.

The 1,200-lawyer firm announced a 12% growth in revenues. Average profits per partner increased from $1.7 million in 2004 to $1.85 million in 2005.

The New York firm credits its private equity, bankruptcy, mergers & acquisition and finance practices as catalysts for the growth. The firm's $11.3 billion SunGard deal, along with the opening of a new office in Rhode Island, further expanded the firm's successful private equity practice. The firm strengthened its litigation practice with the addition of leading Wall Street litigator Jonathan Polkes from Cadwalader, Wickersham & Taft. The firm also broadened its foreign practice with the addition of four lawyers to its Paris office.

03-10-2006

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Partner promotions on the decline

2006 saw a marked slow-down in associate promotions to partner at firms across Texas. Of the 25 largest Texas firms, 22 promoted 156 associates to partnership in 2006, a 10.34% decrease from 174 in 2005.

The percentage of female and minority attorneys making it to partner, however, has increased from last year. Female partners now represent 24% of all law firm partners in Texas. In 2005, they comprised as little as 18%. 13% of Texas law firm partners are minorities, as opposed to last year's total of 11%.

Associates at the leading firm Baker Botts are eligible for partner after eight-and-a-half years at the firm. It announced the promotion of 11 to partnership this year, a decrease of 21% from last year. Houston-based Fulbright & Jaworski reviews partnership promotions after 8.5 to 10.5 years of associates joining the firm. Fulbright reports the largest new partner class, promoting 18 associates to partner in 2006.

03-09-2006

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ADR on the rise

With the growing cost of litigation, an increasing number of law firm clients are turning to alternative dispute resolution. According to legal analysts, more than 90% of cases are resolved before reaching a judge or jury.

Many judges are pushing plaintiffs and defendants to pursue ADR to ease the strain on the court system. ADR is also preferred by companies wishing to avoid the media attention of litigation and individuals seeking escape from the emotional toll of a protracted court battle. The most significant factor contributing to the rise of ADR is the comparatively low cost of arbitration and mediation. Experienced attorneys, however, caution that alternative dispute resolution is not a remedy for all ills.

03-09-2006

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More Philadelphia firms raise associate salaries

More and more Philadelphia-based firms are raising entry-level salaries to $125,000 per year.

Joining the ranks is Saul Ewing, the most recent firm to announce increases in associate salaries. Offering $125,000 to first-years in all its offices, the firm is looking to attract and retain the best and brightest new attorneys. Saul Ewing is extending a $10,000 per year raise to associates at all levels in each of its offices, with the exception of Harrisburg, PA, where associates will make slightly less.

The mid-Atlantic firm previously increased associate salaries from $105,000 to $115,000 in January 2005. The new salary increase comes on the heels of pay raises recently issued by one of Saul Ewing's chief competitors in Philadelphia, Pepper Hamilton.

03-08-2006

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In-house attorneys nervous over law firm associate salary wars

With law firm associate salaries increasing across the nation, many corporate counsels are fretting over expected increases in outside counsels billing rates.

Last month, associate salaries at major metropolitan firms seemed to stabilize, with $135,000 per year as the average annual salary for first-year attorneys. Then Sullivan & Cromwell increased first-year pay to $145,000, prompting a frenzy of further associate raises across the nation.

In-house legal departments, the leading consumers of law firm services, are predicting that as associate salaries continue to rise, increased billing rates for outside counsels are inevitable.

Leading firms disagree, asserting that there is no direct relation between salary raises and rate increases. Some general counsels remain skeptical. According to a survey conducted by the Association of Corporate Counsel, median spending on outside counsel last year was $1.3 million dollars for small companies and over $4 million for large companies.

03-08-2006

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Pepper Hamilton and Blank Rome add $10K to associate salaries

Pepper Hamilton and Blank Rome have joined the ranks of law firms raising associate salaries in Philadelphia.

Effective April 1, all offices of Pepper Hamilton will implement an increase of $10,000 across all associate levels. First-years in Pepper Hamilton's Philadelphia office will now receive $125,000. The firm's Detroit and Harrisburg offices, however, have limited the increase to $7,000. This is the second time this year that the firm has raised salaries. Earlier this year, while preparing the 2006 budget, the firm increased salaries by nearly $9,000.

Blank Rome also raised first-year salaries by $10,000 to $125,000 in its Philadelphia office. Following market trends, the firm also boosted pay for its New York and Washington, DC, offices. First-year attorneys in those Blank Rome offices will earn $135,000 per year.

Similar moves were reported by major competitors, including Ballard Spahr Andrews & Ingersoll, Drinker Biddle & Reath, Duane Morris, and Wolf Block Schorr & Solis-Cohen in the last week. The leaders remain Morgan Lewis & Bockius and Dechert, who recently announced entry-level salaries of $135,000 for first-years in Philadelphia.

03-07-2006

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