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04/20/06

Houston firm announces record-breaking bonuses


Houston commercial litigation boutique Gibbs & Burns LLP has announced record bonuses for its associates. The firm is paying bonuses to its associates equal to his or her annual salary. Though its salary structure does not match the current market highs, this is a unique compensation strategy.

The bonus structure is based on the overall success of the firm and is not linked to billable hours. The firm has demonstrated its strong belief in the philosophy of sharing its wealth. Gibbs & Burns LLP finalized settlements in excess of $500 million in the past twelve months and expects some major additional recoveries from cases which are yet to be settled.

Senior associates have received bonuses equal to two times their annual salaries in the past twelve months. The firm's non-attorney staff also received bonus' matching several months' pay. In addition, the firm is planning to offer increases salaries.

Morrison & Foerster's new recruits
Lisa Weiss, former General Counsel to Sony BMG Music Entertainment, and Craigh Leonard from Bingham McCutchen have joined Morrison & Foerster. Both well-known corporate attorneys will practice in the firm's New York office.

Joining Morrison & Foerster as a senior counsel, Craigh Leonard was formerly a Corporate Partner with Bingham McCutchen, handling consumer goods transactions for leading consumer brands, public offerings, private placements, senior and subordinated debt financings, senior management compensation arrangements, private equity and venture capital investments and corporate restructurings.

Lisa Weiss has worked in the media sector for many years. At Sony Music, she was instrumental in structuring the merger that established Sony BMG as the world's second-largest recording company. After the merger, she served as General Counsel. Previously, as a partner at Rosenman & Colin LLP in New York, she was a member of the corporate department and a founding member of the media and communications practice group.

Kelley Drye & Warren and Collier Shannon Scott seal merger
The merger between Kelley Drye & Warren and Collier Shannon Scott has been finalized. The new entity will now be known as Kelley Drye Collier Shannon in Washington, DC, and Kelley Drye & Warren in its other offices worldwide.

Both firms have significant practices in Washington, DC, which will be enhanced by the move. Its lawyer count now totals nearly 400 and gross revenues are anticipated to move beyond $220 million. Practice areas such as international trade and customs, advertising, government relations, environmental and antitrust are anticipating a boost from the merger. In addition, a new litigation practice from Collier Shannon will be added.

Managing partners of Kelley Drye's Northern Virginia office and Washington, DC, office will remain part of the executive committee across the firm.

COOL THREAD OF THE DAY
Salary increases in New Orleans!


wallydamon: Jones Walker, one of the largest and best New Orleans-based firms, has raised salaries for 1st year associates to $90,000. (I think that 2005 salaries were ~$82,000.) Any word on whether other firms will follow suit?

THE_GARBAGE_MAN: how is new orleans doing? is it still in the shitter? during the whole katrina thing i was worried that there would never be a new orleans again and i never got to see it.

rbrown: louisiana was a wasteland long before katrina was ever around. don't blame katrina for trying to "close the deal." louisiana was the most successful retreat the french ever made. and they've made a lot.

THE_GARBAGE_MAN: i dunno. i've never been, but i'd heard that new orleans was an awesome old school party down different from any other american city.

Bianchinut: New Orleans was never really that bad. I have lived there for almost 30 years now. The biggest question is will it survive this summer's hurricane season. We had an extremely warm winter and the gulf has not had time to cool down. The water temperature is damn near what would be needed for a hurricane and the season is still several months away.

Another problem we are having is the Army Corps of Engineers has finally admitted that they rebuilt the levees subpar and that certain sections will have to be rebuilt in the next two months. Hey, if they couldn't do it in a freakin' year, why should we expect them to be able to do it in two months? Dumb Asses!

I have been debating taking a job in New Orleans after I graduate next month. The main issue is that while the large firms ARE raising salaries, the small to medium firms are dropping them. Also, I don't want to be like a friend of mine who moved into a house with his wife on Friday and on Sunday their house was 3 blocks away from the levee break at the 17th Street Canal. Now, they don't know where it is.

The D.A.'s office is hiring, but there predicted salary is only the $25k that the state provides (city is broke and can't contribute). Try living in New Orleans on $25k when rent on an apartment that didn't flood is over $1k for a one bedroom. Enough of my rambling, someone give me a job in Baton Rouge so I can shut up!

THE_GARBAGE_MAN: sorry to change the subject in a newborn thread, but does anybody buy that global warming is making the hurricanes worse?

i'll believe anything they say about global warming, if only for the reason that the people who are fighting against the global warming warnings are all total liars.

rbrown: i've already ranted about the hairy armpit crazy chicks that think that oil comes from dinosaur "fossils." global warming is neither truth nor fiction. explain the smokestacks 10,000 years ago that led us out of the ice age. perhaps you believe, as the scientologists do, that xenu's minions were here. i can't speak to that.

JD_Jr: I don't have any facts about global warming, I only know about it in a political sense, not a scientific one. The fact is that the people trying to discredit global warming have no respect for the science behind it and are only interested in helping the company's that bankroll their campaigns.




Kelley Drye & Warren LLP.

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