A federal judge in New York City has reduced a law firm’s fee request by about half after criticizing its use of the artificial intelligence tool ChatGPT-4 as a “cross-check” to determine prevailing market rates for attorneys.
Updated: Cravath, Swaine & Moore lost three partners to competitor law firms in January, illustrating that “Cravath is now in the ranks of other New York firms that routinely see partnership shuffles,” according to an article from Law.com.
Lawyer head count is growing, while productivity is declining, according to a year-end survey of more than 130 larger law firms released this week by Wells Fargo’s Legal Specialty Group.
Quinn Emanuel Urquhart & Sullivan must disclose terms of judgment preservation insurance that it allegedly bought before distributing a $185 million fee award to partners, according to a U.S. Court of Federal Claims judge.
More than 50 law firms have announced increases in associate pay since Cravath, Swaine & Moore set the standard by increasing salaries by $10,000 to $20,000.
Shearman & Sterling has approved cuts to its pension program before the successful vote to merge with Allen & Overy, according to reporting by Law.com.
It took three weeks of waiting after Milbank announced bonuses and raises for associates. But now, Cravath, Swaine & Moore has stepped into the BigLaw breach with its announcement.
Law firm revenue increased 4.6% through the third quarter of the year, thanks to a hike in billing rates, according to a survey of more that 120 firms by Wells Fargo’s Legal Specialty Group.
Cravath, Swaine & Moore has “quietly created” a new partnership tier for nonequity partners who are paid salaries and don’t share in the profits, Bloomberg Law reports.
Milbank announced Tuesday that it is matching last year’s year-end bonuses while also giving annual raises of $10,000 to its associates beginning Jan. 1.
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