Referencing the announcement that Sullivan & Cromwell will raise starting salaries for newly minted attorneys by $20,000, to $145,000 (plus bonus), Wall Street Journal writer Cameron Stracher writes a provocative article called Cut My Salary, Please! (on line subscription required). Cameron Stracher, author of “Double Billing: A Young Lawyer’s Tale of Greed, Sex, Lies, and
Has Kirkland & Ellis ever rendered an account for more than 100 million dollars?
Not that I know of but they did bill $99,807,894.10 according to the post of my friend and Edge International colleague Robert Millard.
114-year-old [Toledo] law firm is disbanding
According to a story in the Toledo Blade today, Fuller & Henry, founded in 1892, “has all but disappeared
Its sign is gone from the door”. The article goes on to say: “At one time, the business occupied two floors of the city’s most prominent downtown office building but lately had just part of a
Avoiding the Nuclear Option
My colleague Ed Wesemann has a very interesting piece on using retooling as an option to terminating the underproductive partner. He notes that the termination option is often used because: “they simply don’t have the confidence that any other option will work”. In this post, Ed covers: Selecting Partners for Retooling The Retooling Process (Five
First Fun – then happiness.
Anthony Cerminaro OK – I don’t want to overdo this “fun and happiness theme” but there’s lawyer Anthony Cerminaro blogging about Happiness Breeding Success. Read his post it captures the gems from the article he referred to in Live Science by the same name. The other quote I liked was:
Scientists reviewed 225
A New Breed of Global Superlawyers Traveling at 18,000 MPH
Follow me on a journey of logic skip a decade to 2015 when air travel may dramatically increase in speed to 30,000 km per hour or 18,000 miles per hour imagine a trip from Moscow to New York in 50 minutes or Moscow to Sydney in one hour and six minutes. (See reference
$1,000 an Hour impresses Bloomberg News (but not clients)
You will see the story gets all excited about Benjamin R. Civiletti, now chairman of the Venable law firm, for reaching the lofty threshhold of a $1,000 per hour hourly billing rate. If that $1,000 rate for Mr. Civiletti is serving a well conceived strategy to differentiate by being obnoxiously expensive, I fully respect that.
First Ever Adam Smith Esq. Podcast
Bangkok Wisdom the same piece of cake – find a niche
A story today, Price-cutting by law firms hurting business, in the business section of the Bangkok Post reinforces yet again that law firms face the same issues almost anywhere in the world you find them. (The lawyer interviewed may use the “cake” metaphor instead of “pie”, but his message is a familiar refrain). “The
London heavyweights Weigh In
“Linklaters is the most productive of London’s 20 largest law firms, generating 24 percent more in fees per employee than bigger competitor Clifford Chance LLP, a Bloomberg survey found.”
“The world’s second-largest law firm had revenue per employee of 168,763 pounds ($304,000) in fiscal 2005, about 32,000 pounds more than Clifford Chance and 20,000 pounds