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DLA Piper's global revenue hits $1.5 billion

DLA Piper Rudnick Gray Cary reported global revenues of more than $1.5 billion for the fiscal year 2005. The revenue report consists of the combined results of the three merged firms: DLA, Piper Rudnick, and Gray Cary Ware & Freidenrich.

The firm also reported profits per equity partner surpassing the $1 million mark, hitting $1,036,000. "We're very pleased with our performance, particularly coming after a merger of this size-it shows that the merger is working," said Jeffrey Liss, U.S. co-managing partner. "Our partners and associates have done a wonderful job of making this possible."

The merger, which took place in December 2004, was the third-largest in terms of the number of lawyers. With locations all across the U.S., Europe, Middle East, and Asia, DLA Piper Rudnick Gray Cary has 2,850 lawyers in 58 offices. The firm's core practice areas include corporate, litigation, real estate, legislative, regulatory, technology, human resources, banking, and finance.

02-16-2006

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Salary hikes at three Philadelphia-based firms

Philadelphia-based firms Wolf, Block, Schorr & Solis-Cohen; Duane Morris; and Morgan, Lewis & Bockius have announced increases in associate salaries.

Morgan Lewis previously made its mark as the highest paying firm in Philadelphia. Now they are offering first-year salaries of $135,000. The pay raises are effective in the firm’s Princeton, NJ; Washington, DC; Pittsburgh; Chicago; Los Angeles; San Francisco; Palo Alto, CA; and Irvine, CA offices. The firm gave an even sharper raise to associates in New York, bumping first-year salaries to $145,000. Managing partner of operations Thomas J. Sharbaugh said that the firm had already created its budget last month and thus will not be able to increase hourly rates but will absorb the added cost this year.

Salaries for first-years at Wolf Block went from $115,000 to $125,000, a move attributed to a strong fiscal year in 2005. The firm saw a 15% increase in profits per equity partner, which grew from $390,000 in 2004 to $448,000 in 2005. Firm Chairman Mark L. Alderman said “We’re very proud of the profits per equity partner because we’ve been working hard for the last couple of years to get a jump there.”

Duane Morris also increased first-year salaries from $115,000 to $125,000. It increased the second-year salaries to a minimum of $127,500. Third-years will earn a minimum of $130,000. Duane Morris Chairman Sheldon Bonovitz says the firm is “just responding to the market.”

02-15-2006

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2005 a year of growth for Dechert

International firm Dechert LLP has announced growth of more than 20% in its fee income and profits for 2005.

With the support of an aggressive lateral hiring spree, the firm’s revenue jumped from $440.7 million in 2004 to $576.8 million in 2005. Additionally, the 900-lawyer firm saw a 23% increase in average profits per equity partner from $1.2 million to $1.56 million.

Dechert Chairman Barton Winokur reported that “last year, the number of lawyers in the firm went up considerably, and all practice areas, including private equity, real estate, finance and litigation, were very strong.”

Dechert started 2005 by recruiting 65 lawyers from the New York office of Swidler Berlin Shereff Friedman. It also hired 11 partners from Coudert Brothers’ Paris and Brussels offices after Coudert’s dissolution. The firm continued by adding various other partners and associates, including Clifford Chance investment funds partner Andrew Hougie; Dewey Ballantine’s European head of M&A Douglas Getter; private equity partner from Baker & McKenzie Adam Levin; and Allen & Overy’s highly-rated telecom partner Chris Watson.

The firm recently opened an office in Austin after hiring a seven-partner team from Dewey Ballantine. They plan to build new offices in London, and they are currently eyeing prospects in the Asian markets, including Hong Kong and China.

02-15-2006

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Reed Smith reports 21% hike in profits

Reed Smith has seen a 21% increase in profits per partner, jumping from $662,000 in 2004 to $800,000 in 2005. Revenue per lawyer also increased, increasing approximately 10% from $553,000 in 2004 to $609,000 in 2005.

Legal industry observers were impressed by this transition. Senior Los Angeles BCG Attorney Search recruiter Claudia Spielman said she was surprised at the numbers. "$850,000 profit per partner is like the golden number, and that's very close to it," Spielman said. "They're definitely a force to be reckoned with." With more than 1,000 attorneys, Reed Smith was ranked 31st in the AmLaw 100 for 2005.

Firm chairman Gregory B. Jordan attributed the firm's steady growth over the past five years to its geographical expansion and investment into its financial services and life sciences practice areas. The firm recently recruited a group of attorneys from Los Angeles-based Buchalter Nemer to bolster the financial services sector in California. In 2003, the firm merged with Crosby Heafey Roach & May, which had a strong life sciences practice. Jordan said the firm continues to look at merger opportunities.

Actively looking to move into the Texas and Chicago markets, the firm is also eyeing expansion in China. At the end of last year, the firm opened a new Paris office with four partners from the Paris firm, Rambaud Martel.

02-14-2006

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Adorno & Yoss adopts aggressive growth strategy

For the past three years, Coral Gables, FL-based firm Adorno & Yoss has focused its efforts on attracting Fortune 500 companies and establishing itself as the largest minority-owned law firm in the country. This aggressive growth strategy caused major transitions in its attorney structure and has led to the departure of at least 16 lawyers and two practice groups so far this year.

Adorno & Yoss managing partner George T. Yoss acknowledged that the firm's growth strategy has triggered attrition. Yoss claims that "there are some growing pains associated with expansions," due to which "some feel they have been left behind." He attributes it to "normal restructuring of a growing firm."

Yoss reports that the firm posted a record profit of $65 million for 2004 and ranked as the nation's 169th largest firm in the National Law Journal's 2005 NLJ 250 rankings.

"The bottom line is that last year, we had the best revenue growth ever and the largest expansion of good clients. This is really a case of normal attrition with some unusual circumstances," said Yoss.

Adorno & Yoss has grown from 150 lawyers in 2004 to roughly 270 today. It now has 16 locations, including affiliate offices in Mexico and Chile.

Charles B. Pearlman, whose six-member securities transaction practice group left Adorno & Yoss for Chicago-based Arnstein & Lehr's new Fort Lauderdale office last month, expressed his rancor saying he "did not believe that the focus of the law firm really met our practice group's needs." The firm's insurance coverage group comprising eight attorneys also left late last year.

02-14-2006

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U.K. firms seeking to emulate U.S. firms' compensation models

U.K.'s Freshfields Bruckhaus Deringer has appointed American Theodore Burke as chief executive effective May 2006. He will replace Londoner Hugh Crisp. The move is attributed to a conscious effort to gain perspective on the American nonlockstep salary model in order to attract potential lateral hires and U.S. clients. Burke previously headed the firm's New York office and has prior experience at Milbank, Tweed, Hadley & McCloy LLP.

Clifford Chance's retiring NY-based managing partner, Brit Peter Cornell, is urging Freshfields to consider adjusting its lockstep system to recognize the regional variations in profits. While maximum compensation in the current system is 100 units (approx. $1.2 million last fiscal year), by the middle of this year, partners in more profitable regions are predicted to suggest a regional maximum of 150 units ($1.8 million).

02-14-2006

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More firms follow Sullivan & Cromwell’s salary structure

Seven more firms have raised base salaries for first-year associates. Manhattan-based Paul, Weiss, Rifkind, Wharton & Garrison and Cahill Gordon & Reindel have raised their associate salaries, with first-years now receiving $145,000. Davis Polk & Wardwell; Milbank, Tweed, Hadley & McCloy; and Simpson Thacher & Bartlett have also increased salaries by $20,000 across the board.

Additionally, Washington, DC-based Covington & Burling and Miami-based Greenberg Traurig also raised salaries for their New York associates. Greenberg Traurig pay raises range from $10,000 to $20,000, with first-years receiving $145,000. Greenberg Traurig managing shareholder Richard Rosenbaum said it was the firm’s policy to remain competitive in local markets. Covington partner Scott Smith echoed similar sentiments.

02-13-2006

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