Practice Finance

Former Skadden associate says ABA inspired her letter asking BigLaw to push back on White House executive orders

A week ago, Rachel Cohen was a finance associate in the Chicago office of Skadden, Arps, Slate, Meagher & Flom. She watched as the Trump administration issued several executive orders aimed at law firms and the legal industry and noted BigLaw’s muted response. Last week, Cohen also shared with Skadden a conditional notice of resignation unless the firm came up with a “satisfactory response to the current moment.”

Mar 25, 2025 12:28 PM CDT

How firms use AI, financial, remote work technology examined in AffiniPay ‘2025 Legal Industry Report’

Benchmark data can prove to be invaluable when making decisions about the future of your law firm. Understanding how others in the legal profession are using technology to streamline workflows and increase revenues can make all the difference.

Mar 21, 2025 1:51 PM CDT

‘Very strong performance’ reported for law firms in 2024, with revenue increasing 12.5%

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.

Jan 29, 2025 11:59 AM CST

Dechert sues former lawyer for alleged salary overpayment

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.

Jan 29, 2025 10:56 AM CST

Investing for retirement—is it luck?

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."

Jan 28, 2025 3:31 PM CST

2 BigLaw firms flip-flop on associate special bonuses, agreeing to pay market rate

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.

Jan 6, 2025 3:48 PM CST

BigLaw is taking an ‘uneven approach’ to bonuses

Several BigLaw firms have yet to announce bonuses, while others are refusing to follow the standard bonus schedule set by Milbank.

Dec 23, 2024 12:11 PM CST

2 BigLaw firms reject routine special bonuses as several boutiques match or surpass market rate

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.

Dec 19, 2024 11:00 AM CST

$1M-plus bonuses will be paid to ‘multiple associates’ at this prominent law firm

“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.

Dec 11, 2024 10:10 AM CST

Associates at this BigLaw firm can choose one of 3 billable-hour budgets

Steptoe is adopting a new compensation system next year that allows associates to choose one of three different tracks based on hourly targets.

Dec 9, 2024 3:19 PM CST

Overall partner promotions shrink slightly, including for BigLaw firm that promoted 200 lawyers

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.

Dec 3, 2024 8:56 AM CST

3 practice leaders left this BigLaw firm in 1 week’s time; ‘there are no safe havens,’ says recruiting firm partner

Three practice leaders have left Weil, Gotshal & Manges amid planning for a new chair and a flat year for profits per equity partner.

Nov 26, 2024 10:42 AM CST

Law firms had ‘very strong performance’ financially at 9-month point, new report says

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.

Nov 20, 2024 12:22 PM CST

Merger will produce ‘global legal powerhouse’ that will be called HSF Kramer

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.

Nov 11, 2024 2:21 PM CST

Law firm profitability is at near-record high, new report says

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.

Nov 11, 2024 12:02 PM CST