Growth in billing rates contributed to a 12.5% increase in law firm revenue in 2024, up from 6% in 2023, according to a year-end survey by Wells Fargo’s Legal Specialty Group.
Dechert has sued a former senior project attorney for more than $90,000, the money that the law firm said it is still owed after a $132,250 salary overpayment.
Accumulating your desired retirement fund balance relies mostly on the amount that you have saved. But investing your savings is also an important aspect of achieving your retirement goals. To understand the importance of your savings habits, see this Sept. 11, 2024, article in the ABA Journal: "Getting ready for retirement is easier than you think."
Hogan Lovells and Perkins Coie have decided to pay special bonuses at the market rate of $6,000 to $25,000 after associates were initially told that they wouldn’t receive the money as a matter of course.
Above the Law’s bonus tracker continues to expand, as an increasing number of boutique law firms announce associate bonuses that match or surpass market rates set by Milbank. But some BigLaw firms are not falling in line with the standard special bonuses.
“Multiple associates” at Boies Schiller Flexner are receiving bonuses of $1 million or more this year, thanks to a formula based on law firm contributions and revenue generation, according to an internal memo obtained by several publications.
A slightly lower number of partner promotions this year by Kirkland & Ellis is in keeping with the trend; new-partner class sizes in BigLaw have decreased an average of 4% this year, based on partnership announcements so far.
Law firm revenue in the first nine months of 2024 increased 12.8% from the same period last year, thanks mostly to increases in standard billing rates, according to a new report by Wells Fargo’s Legal Specialty Group.
Kramer Levin Naftalis & Frankel announced plans Monday to merge with Herbert Smith Freehills, creating a “global legal powerhouse” law firm with more than $2 billion in combined revenue.
Law firm financials have improved for seven consecutive quarters, leading to a profitability score that is the second highest on record for the Law Firm Financial Index since its inception more than 15 years ago.
Average compensation for partners in larger law firms is $1.4 million, a record high that represents a 26% increase since 2022, according to a new survey by legal recruiting firm Major, Lindsey & Africa.