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US Firms Split on Partner Promotions in Face of Economy

published January 06, 2009

By CEO and Founder - BCG Attorney Search left
Published By
( 2 votes, average: 4.5 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.
01/06/09

US Firms Split on Partner Promotions in Face of Economy

Annual partner promotions are down among US firms due to mounting concerns about the economic downturn and the legal market's significant drop in workflow. Among the biggest examples, Weil Gotshal & Manges have had the biggest decrease, with promotion figures dropping by 35% from 20 in 2007 to seven in 2008. Mayer Brown, Milbank Tweed Hadley & McCloy, Simpson Thacher & Bartlett and Weil Gotshal & Manges have all added fewer people to their partnerships than in 2007. Dewey & LeBouef and Latham & Watkins bucked the trend by adding 20 and 30, respectively.Looking beyond market pressures and investing during challenging times are what these and other firm leaders see as key to long-term growth.

Sheppard Mullin Freezes Associate Salaries
Above the Law has reported that Sheppard Mullin became the latest of many firms to freeze associate, special counsel, and senior attorney compensation for 2009 with minor exceptions. Sheppard has agreed to reevaluate the policy at the end of every quarter and to allow associates who make up their hours be awarded year-end bonuses that will compensate for their lost salaries. The firm follows Latham and Orrick in a trend that firm leaders believe is necessary to preserve firm assets through challenging economic times.

DLA Piper Attorney Knighted in New Year Honors List
DLA Piper joint chief executive Nigel Knowles has been made a knight of the realm after being named in the New Year Honors List. Knowles, based in London and head of the world's largest law firm by number of lawyers, was knighted for services to the legal profession. Prince Charles praised Knowles in December at the launch of the Legal Sector Alliance's initiative to combat global warming for his commitment to the cause.

Alternative Summary

Harrison is the founder of BCG Attorney Search and several companies in the legal employment space that collectively gets thousands of attorneys jobs each year. Harrison’s writings about attorney careers and placement attract millions of reads each year. Harrison is widely considered the most successful recruiter in the United States and personally places multiple attorneys most weeks. His articles on legal search and placement are read by attorneys, law students and others millions of times per year.

More about Harrison

About LawCrossing

LawCrossing has received tens of thousands of attorneys jobs and has been the leading legal job board in the United States for almost two decades. LawCrossing helps attorneys dramatically improve their careers by locating every legal job opening in the market. Unlike other job sites, LawCrossing consolidates every job in the legal market and posts jobs regardless of whether or not an employer is paying. LawCrossing takes your legal career seriously and understands the legal profession. For more information, please visit www.LawCrossing.com.

published January 06, 2009

By CEO and Founder - BCG Attorney Search left
( 2 votes, average: 4.5 out of 5)
What do you think about this article? Rate it using the stars above and let us know what you think in the comments below.

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