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Pillsbury, Thelen, and Allen Matkins raise associate salaries

Pillsbury Winthrop Shaw Pittman, Thelen Reid & Priest, and Allen Matkins Leck Gamble & Mallory have set the base pay for first-year associates at $135,000.

Pillsbury’s salary hike applies to associates in its Washington, DC; Northern Virginia; and California offices. The firm raised salaries for second-year associates by $10,000 and salaries for third-, fourth- and fifth-years by $5,000. Sixth-year, seventh-year, and eighth-year attorneys will receive $200,000, $210,000 and $220,000, respectively. As reported by Managing Partner Marina Park, the firm took time in announcing its associate compensation because it was evaluating contrasting salaries at Pillsbury Winthrop and Shaw Pittman, which merged in April last year. “We wanted everybody in the firm on the same policy and program,” Park said.

Meanwhile, Thelen Reid & Priest raised salaries firmwide by $10,000 for first- and second-year associates. Chairman Stephen O’Neal adds that senior associates will get a minimum $5,000 raise, and all associates will be eligible for bonuses.

New York-based Allen Matkins Leck Gamble & Mallory also announced $10,000 raises for first-years and $5,000 for all other classes, but the firm isn’t paying bonuses. Managing partner Brian Leck said, “We have not traditionally done a bonus for people who are perceived to do a better job.”

02-20-2006

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Revenues surged for Buchanan Ingersoll in 2005

Pittsburgh-based Buchanan Ingersoll is reporting significant increases in gross revenue and profits per equity partner for 2005.

The firm’s gross revenue showed an increase of 27% from $152.856 million in 2004 to $193.739 million in 2005. Its profits per equity partner rose nearly 20% from $383,000 in 2004 to $457,082 in 2005. Revenue per lawyer also increased from $454,000 in 2004 to $503,218 in 2005.

Buchanan had an aggressive year with many lateral hires and acquisitions. The firm started 2005 by hiring New York’s Slotnick Shapiro & Crocker, a 10-lawyer criminal defense boutique that now handles white-collar defense matters. In March, Buchanan took on seven tax and immigration lawyers from Steel Hector & Davis and opened a single-lawyer office in Cleveland to handle banking work. Two months later, the firm merged with Burns Doane Swecker & Mathis, a 55-lawyer boutique patent practice. In mid-October, Buchanan acquired lobbying firm Hill Solutions to add to its government relations practice. By the end of 2005, six Saul Ewing partners and several associates had joined the Buchanan’s litigation and white-collar defense practices.

CEO Thomas L. VanKirk reports, “A comeback in corporate finance and a strong year for real estate were among the top generators for this year’s financial numbers.” The firm plans on continuing its pattern of growth by strengthening the areas of corporate finance, litigation, and government relations that proved successful in 2005.

02-20-2006

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Paul Hastings and O’Melveny report double digit incomes

West Coast giants Paul Hastings Janofsky & Walker and O’Melveny & Myers have reported significant revenue increases for 2005.

Paul Hastings fee income totaled $667 million in 2005, a 10% increase over 2004. Its average profits per partner climbed from $1.18 million in 2004 to $1.33 million in 2005. The strong results followed a year of growth for the firm, in which it added 16 lateral partners and opened two new offices in Milan and Palo Alto.

O’Melveny’s fee income rose 16% to $808 million, while its partner profits increased 23% from $1.31 million in 2004 to $1.62 million in 2005. Firm Chairman Arthur Culverhouse said “the litigation practice is the mainstay of the firm, but it has been a good year for the M&A and private equity practices too.”

The Daily Judged recently reported revenue results of $1.5 billion for DLA Piper Rudnick Gray Cary in 2005. It still tops the chart and ranks second in the world after Clifford Chance. Other firms that announced strong portfolios this week include Latham & Watkins; Gibson Dunn & Crutcher; Paul Weiss Rifkind Wharton & Garrison; Cadwalader Wickersham & Taft; and Dechert.

02-17-2006

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LeBoeuf Lamb raises first-year salaries to $145,000

The international law firm of LeBoeuf, Lamb, Greene & MacRae has increased salaries for first-year associates from $125,000 to $145,000 for 2006.

The salary hike is restricted to the firm’s New York; Washington, DC; San Francisco; and Los Angeles offices. “We have enjoyed extraordinary growth over the past year, due in no small part to the efforts of our associates,” reports firm chairman Steven H. Davis. “We are pleased to have the opportunity to recognize their hard work.”

Ranked as the “No. 1 Energy Transactional and Regulatory Firm in New York” by Chambers USA in 2005, LeBoeuf, Lamb, Greene & MacRae LLP is a global law firm with more than 650 lawyers practicing in 19 offices worldwide.

02-17-2006

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Wilmer Cutler and Willkie Farr reveal strong financials for 2005

Wilmer Cutler Pickering Hale & Dorr and Willkie Farr & Gallagher unveiled their revenue figures for 2005.

Wilmer Cutler’s revenue marked an increase of almost 9% to $815 million while profits per equity partner increased by 5% to $915,000. This strong growth is the result of the 2004 merger between Washington, DC-based Wilmer Cutler & Pickering and Boston-based Hale & Dorr.

New York-based Willkie Farr’s revenue also shot up by almost 10% last year, with fee income reaching $443 million, compared to $416 million in 2004. The 600-lawyer firm saw profits per equity partner jump from $1.64 million to $1.8 million. Chairman Jack Nusbaum said, “We had a solid year across the firm. Our Italian office picked up some good deals, the Paris team continued to be strong in private equity and in the U.S., M&A and litigation were both very busy.”

02-17-2006

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Some firms slow to join salary wars

The recent rash of associate salary increases started by major Los Angeles firms gathered momentum last month as nationwide firms raised starting associate salaries to an average of $135,000. But some firms have still not made the leap. These firms include California-based Pillsbury Winthrop Shaw Pittman, Thelen Reid & Priest, and Littler Mendelson.

While Pillsbury and Thelen promised announcements soon, Littler Mendelson is not willing to raise salaries. Managing Director and President Marko Mrkonich acknowledged this, saying "we are not a corporate securities firm, and we are not pricing ourselves as a corporate securities firm." The firm announced base pay increases last fall, making first-years eligible to receive $120,000 per year, a $5,000 or $10,000 raise, depending on the market.

The slowest to move have been the large national firms with offices in multiple markets, such as Pillsbury Winthrop. Vice Chairman Stephen Huttler reports that the firm is "still evaluating because we are a national firm with many markets to analyze." The firm expects to make a decision later this week.

Thelen, on the other hand, can afford to increase salaries as the firm's revenues per lawyer went up 22% and profits per partner increased by 44% in 2005. Chairman Stephen O'Neal claims the firm doesn't "make any economic decision without making sure that we understand the particulars, the appropriate policy direction, and the indicated outcome that is in the best interest of the firm and our client. And one doesn't do that overnight."

02-16-2006

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Kelley Drye to merge with Collier Shannon

New York-based Kelley, Drye & Warren is in advanced merger talks with the 80+ lawyer DC firm Collier Shannon Scott. The firms haven't yet signed a letter of intent but are expected to make a decision in the coming weeks.

Both the firms have faced their share of challenges in the DC area.

Well regarded for its antitrust work, Collier Shannon has seen continued losses in the past few years. In 2000, the firm lost 30 attorneys after antitrust powerhouse James Rill Collier Shannon left for Howrey LLP. Last March, head of the firm's litigation group John Williams also left, joining the Washington office of Jones Day. A merger has the "potential to provide greater resources for our clients and would make us able to serve them better," says Paul Rosenthal, managing partner of Collier Shannon.

Kelley Drye's Washington practice hit hard times after telecommunications work dried up during the dot-com bust. Continuing to suffer losses, the firm saw the exit of the five-person environmental group in early 2004. Following that, the firm's four-partner New York bankruptcy group left for Ropes & Gray. In January, the firm saw its eight-lawyer employment law practice jump ship to Heller Ehrman. By last spring the firm's DC branch had dropped to 29 lawyers.

Both firms have been actively looking for a merger partner. A combined firm would more than double Kelley Drye's Washington presence to about 125 lawyers and bring a mix of regulatory practices, including Collier Shannon's advertising, international trade, and antitrust groups.

02-16-2006

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