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Law firms' administrators and staff have reported more discretionary bonuses, longer parental leave, increasing work-from-home policies and an overall decline in turnover rates, according to the latest annual report produced by the Association of Legal Administrators.
BigLaw has ushered in another busy bonus season as law firms announce extra compensation for associates. Test your legal news savvy with a special Law360 Pulse quiz on what firms have announced so far.
When Cravath Swaine & Moore LLP matched Milbank's 2024 bonuses with its own, the storied New York firm did not hand associates a single lump sum with the total amount, but instead chose to separate out year-end bonuses from special bonuses.
Dechert LLP associates from the United States and Europe recently took part in an intensive, three-day program at the Wharton School of the University of Pennsylvania in Philadelphia. Here, Law360 Pulse speaks to Dechert’s co-chair and a firm associate on how the program helped bridge the gap between legal expertise and business acumen.
UPDATED December 20, 2024 | As the year draws to a close, an increasing number of large and other elite law firms are falling in line with a bonus scale set by market leader Milbank LLP, which in many cases puts more money in the pockets of law firm associates than ever before.
The 2024 associate bonus season is heating up, with more law firms matching Milbank LLP's year-end and special bonuses and U.K. firms extending the same offering to their U.S.-based attorneys, according to firm memos shared with Law360 Pulse and media reports.
A few years ago, when large law firm billing rates started to rise at an unprecedented pace, I remember many commentators said it couldn't last for long and that it was only a matter of time before client pushback would begin to swing the pendulum back in the other direction.
An attorney for Microsoft Corp. and Activision Blizzard Inc. on Monday downplayed the benefits from an ongoing stockholder suit seeking $15 million for mid-case fixes to the two companies' $68.7 billion merger, saying the action's modest advantages should be weighed more as disclosure matters than a deal rescue.
The rate at which U.S. law firms are signing major office leases — those at or above 20,000 square feet — has surpassed pre-pandemic levels, according to new data released by Savills on Monday, showing that while activity is up, firms are divided on whether to expand, downsize or maintain their square footage.
Akin Gump Strauss Hauer & Feld LLP told Law360 Pulse on Monday it will pay associates and counsel year-end bonuses of between $15,000 and $115,000 and special bonuses of between $6,000 and $25,000, based on seniority, in February.
Sen. Mazie Hirono, D-Hawaii, a senior member of the Senate Judiciary Committee, on Friday pushed back against a deal Democrats and Republicans cut earlier this week that obligates Democrats to forgo votes on four appellate picks.
Law school faculties are becoming more racially diverse and include a greater share of women, who make up a majority of faculty members entering the profession in the past 20 years, according to a report out this week from the Association of American Law Schools.
Three plaintiffs firms known for shareholder litigation are seeking $25 million in fees for their work on a $123 million settlement with Walmart in Delaware's Chancery Court, ending a suit that claimed oversight failures at the retail giant led to reckless opioid prescriptions and massive liabilities.
Goldman Ismail Tomaselli Brennan & Baum LLP, King & Spalding LLP, Holland & Knight LLP and Barnes & Thornburg LLP lead this week's list of Law360 legal lions for beating a Pennsylvania state court lawsuit brought against Bayer AG unit Monsanto by a woman who said she got cancer by using the weed killer Roundup.
The legal industry had another busy week as President-elect Donald Trump sought to dismiss his hush money trial and BigLaw firms elevated attorneys amid soaring billing rates. Test your legal news savvy here with Law360 Pulse's weekly quiz.
The latest law firms to follow Milbank LLP on 2024 associate bonuses late Thursday and into Friday run the gamut from global giant to boutique, according to firm memos shared with Law360 Pulse and media reports.
Susman Godfrey LLP associate Raj Mathur told Law360 Pulse Thursday that the firm's "ethos" of giving younger attorneys the opportunity to steer significant cases is certainly holding true for him, including his first appearance in front of Delaware's nationally important Supreme Court this week.
Attorneys for two firms and parents who say their child's "catastrophic injuries" were caused by contamination from a chicken plant are set to soon appear before Delaware's Supreme Court to determine whether the parents' malpractice claims will be revived.
Paul Weiss Rifkind Wharton & Garrison LLP, Cleary Gottlieb Steen & Hamilton LLP and Fried Frank Harris Shriver & Jacobson LLP are the latest BigLaw firms to go big on associate performance rewards, announcing they will match Milbank LLP in both year-end and special bonuses.
Cancer treatment development company Eagle Pharmaceuticals Inc.'s founder and ex-CEO told Delaware's Chancery Court Wednesday that he is entitled to legal fees he says the company owes him in connection with a U.S. Securities and Exchange Commission probe into the company's accounting practices, saying he continues to incur fees in addition to the $875,000 he has already requested.
Following the news Tuesday that Cravath Swaine & Moore LLP will pay associates year-end and special bonuses in line with those handed out by Milbank LLP this year, the firms' peers have begun to respond, with swift matches Wednesday by Paul Hastings LLP and McDermott Will & Emery LLP.
Longtime legal compensation leader Cravath Swaine & Moore LLP has reportedly announced year-end and special bonuses for its associates in line with those offered by peer law firm Milbank LLP over the summer and earlier this month.
A U.S. company formed to use proprietary artificial intelligence and other tech and metrics to analyze witness credibility and emotions in legal proceedings has sued an Italian firm alleging breach of a contract duty to hand over essential, licensed intellectual property.
A Delaware federal judge has denied litigation funder Burford Capital's request to force arbitration of a discovery bid associated with foreign litigation accusing the German arm of law firm Hausfeld LLP of trying to circumvent a German ban on contingency fees in certain antitrust litigation.
Amid high demand, billing rates at U.S. law firms were up 9% during the first nine months of 2024 compared to this time last year, revealing the industry is on track to see strong year-end financial results, according to survey results released Tuesday by Wells Fargo Private Bank.
Former Assistant U.S. Attorney Moira Penza, now at Wilkinson Stekloff, recalls the challenges of her first case as a civil defense attorney — a multibillion-dollar multidistrict class action against Allergan — and the lessons she learned about building rapport in the courtroom and with co-counsel.
Most legal professionals lack understanding of the macroeconomic trends unique to the legal industry, like the rising cost of law school and legal services, which contributes to an unfair and inaccessible justice system, so law school courses and continuing legal education requirements in this area are essential, says Bob Glaves at the Chicago Bar Foundation.
While the American Bar Association's recent amendments to its law school accreditation standards around student well-being could have gone further, legal industry employers have much to learn from the ABA's move and the well-being movement that continues to gain traction in law schools, says David Jaffe at the American University Washington College of Law.
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Ask A Mentor: How Do I Build Rapport In New In-House Role?Tim Parilla at LinkSquares explains how new in-house lawyers can start developing relationships with colleagues both within and outside their legal departments in order to expand their networks, build their brands and carve their paths to leadership positions.
Piper Hoffman and Will Lowrey at Animal Outlook lay out suggestions for attorneys to maximize the value of their pro bono efforts, from crafting engagement letters to balancing workloads — and they explain how these principles can foster a more rewarding engagement for both lawyers and nonprofits.
Lawyers can use LinkedIn to strengthen their thought leadership position, generate new business, explore career opportunities, and better position themselves and their firms in search results by writing a well-composed, optimized summary that demonstrates their knowledge and experience, says Guy Alvarez at Good2bSocial.
Imposter syndrome is rampant in the legal profession, especially among lawyers from underrepresented backgrounds, leading to missed opportunities and mental health issues — but firms can provide support in numerous ways, and attorneys can use therapeutic strategies to quiet their inner critic, says Helen Pamely at Rosling King.
In 2022, partners considering lateral moves have new priorities, and firms that hope to recruit top talent will need to communicate their strategy for growth, engage on hot issues like origination credit and diversity initiatives, and tailor their integration plans toward expanding partners’ client base, says Gloria Sandrino at Lateral Link.
Lawyers are experiencing burnout on a massive, unprecedented scale due to the pandemic, but law firms and institutional players can and should make a difference by focusing on small, practical solutions that protect their attorneys’ most precious personal resource and professional commodity — time, says Chad Sarchio, president of the District of Columbia Bar.
Technological shifts during the pandemic and beyond should force firms to rethink how legal secretaries can not only better support timekeepers but also participate in elevating client service, bifurcating the role into an administrative support position and a more elevated practice support role, says Lauren Chung at HBR Consulting.
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Ask A Mentor: How Can I Ace My Upcoming Annual Review?Jennifer Rakstad at White & Case highlights how associates can emphasize achievements and seek support before, during and after their annual review, despite the pandemic’s negative effects on face time with colleagues and business development opportunities.
In order to be perceived as prestigious by clients and potential recruits, law firms should take their branding efforts beyond designing visual identities and address six key imperatives to differentiate themselves — from identifying intangible core strengths to delivering on promises at every interaction, says Howard Breindel at DeSantis Breindel.
Law firms looking to streamline matter management should consider tools that offer both employees and clients real-time access to documents, action items, task assignee information and more, overcoming many of the limitations of project communications via email, says Stephen Weyer at Stites & Harbison.
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Ask A Mentor: How Can I Successfully Switch Practices?Associates who pivot into new practice areas may find that along with the excitement of a fresh start comes some apprehension, but certain proactive steps can help tame anxiety and ensure attorneys successfully adapt to unfamiliar subjects, novel internal processes and different client deliverables, say Susan Berson and Hassan Shaikh at Mintz.
Amid demands from clients and prospective hires for greater sustainability efforts, law firms should think beyond reusable mugs and create programs that incorporate clear leadership structures, emission tracking and reduction goals, and frameworks for reporting results, says Gayatri Joshi at the Law Firm Sustainability Network.