After a high-flying 2018, two snapshots of the first quarter of 2019 should give law firms pause. Want to continue reading?Become a Free ALM Digital Reader. Benefits of a Digital Membership: Free access to 3 articles* every 30 days Access to the entire ALM network of websites Unlimited access to the ALM suite of newsletters Build custom alerts on any search topic of your choosing Search by a wide range of topics Register Now *May exclude premium contentSign In Now … [Read more...] about Law Firms See Warning Signs of Slower Growth in 2019
To view this content, please continue to Lexis Advance®. Continue to Lexis Advance® Not a Lexis Advance® Subscriber? Subscribe Now Why am I seeing this? LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information. ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content. For … [Read more...] about The Case for Doubling Year-End Associate Bonuses
Over 100 large law firms increased associate salaries in 2018. Milbank set the increase in motion, Cravath, Swaine & Moore upped the ante, and others decided hiking pay was worth it to stay in the game. Nearly a year later, data from the first quarter of 2019 suggests that the added expense pressure is beginning to catch up with many of these firms. In reports issued earlier this week, both Citi Private Bank and Thomson Reuters aggregated data from a number of firms and found that expenses, driven by lawyer compensation, grew in the mid-single digits, while demand was flat. A handful of law firms at the top of the marketplace can shrug off these increases, at least for now. In normal market conditions, the demand for their expertise doesn’t waver, and they have no trouble extracting 2,400 billable hours a year from their associates. But that’s a small field. And it leaves dozens of other firms navigating a marketplace … [Read more...] about Have the 2018 Associate Salary Hikes Caught Up With Big Law?
Richard Brown’s recent passing brought to a close his nearly three-decade career as district attorney in Queens—a remarkable tenure that coincided with a dramatic shift in crime that today places New York City among the safest big cities in the United States. For many, the former appellate judge’s 28 years at the helm represent a remarkable success, given the level of relative safety and security communities throughout Queens and across the city enjoy today. For others, Brown’s long hold on the office came with a rigidity that failed to change with the times, making Queens a holdout to reforms. Either way, the unparalleled changes the city has faced since Brown was first appointed in 1991 will remain inseparable from his ultimate legacy. “Dick was 24/7 as district attorney,” Herrick Feinstein partner Scott Mollen told the New York Law Journal. Mollen said his relationship with Brown and his family was multigenerational, and vice versa. His prior firm … [Read more...] about Admirers and Adversaries Recall the ’24/7′ DA Richard Brown
Growth in the controversial litigation finance industry is leading to an increase in lawsuits connected with it, according to court records and news accounts. The lawsuits involve both commercial litigation finance companies and consumer-oriented litigation finance companies in the United States. Lawyers knowledgeable about the industry said they believe the increase is a function of its relatively recent creation and rapid growth. “The more predictability that exists in the legal environment, the less litigation we will see,” said Peter Buckley, a partner at Fox Rothschild in Philadelphia who has represented legal funders in lawsuits. “When something is new, it is not uncommon to see litigation because people have different expectations or a different understanding of what playing field they are on.” While litigation funding is more often associated with plaintiffs in mass torts, increasingly large commercial outfits such as Burford Capital Ltd., based in … [Read more...] about Litigation Funders Become the Litigants as Industry Grows