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05/23/06

Huge profits for Linklaters


According to the latest studies, Linklaters leads the pack in profits per equity partner among UK firms. It demolished the competition, posting a 26% rise in average profits per equity partner. In total, the firm billed $1.6 million for the last financial year.

Outperforming its budgetary projections by 19%, the impressive financial results will also benefit the staff in terms of their pay. All Linklaters staff in London will receive a bonus on top of the salary increases offered earlier in the year.

Earlier, a Bloomberg survey found Linklaters to be the most productive of London's 20 largest law firms, generating 24% more in fees per employee than chief competitor Clifford Chance LLP LLP.

Competing for summer associates
With the number of law school entrants increasing exponentially, law firms are getting competitive about summer associate selection.

Efforts to attract and retain the best talent begin with the summer associate program. Many firms are increasing the pay for summer associates with the full associates. Vinson & Elkins, with more than 700 lawyers in 11 offices across the globe, will be paying summer associates $2,700 a week for its 10-week program. Fulbright & Jaworski LLP offers $2,100 a week.

Orrick's new practice in Europe
Orrick Herrington & Sutcliffe has launched a corporate practice in Rome. The firm absorbed the local boutique Tantalo & Associati whose managing partner Pietro Maria Tantalo will head the new corporate group.

Tantalo founded Tantalo & Associati in 1983 with his father, a former member of the Italian Parliament. He serves many national and international clients in the areas of general corporate and capital markets with a focus on mergers and acquisitions, leveraged buy outs, private equity investments, corporate governance, bankruptcy and debt restructuring. His corporate background will complement Orrick's strong banking and finance team in Italy.

Orrick, Herrington & Sutcliffe LLP, advising the world in key commercial and financial capitals, is an international law firm with more than 850 lawyers in North America, Europe and Asia. Orrick's first Italian office opened in Milan in April 2003. Since then, it has maintained a reputation in the Italian and international markets for major cross-border and domestic corporate, mergers and acquisitions, debt restructuring and project finance transactions, as well as intellectual property, technology, competition, administrative and real estate law.

COOL THREAD OF THE DAY
Here's a sort of socio-politico-economic law-firm-related issue that was discussed yesterday on the Judged message boards. At question is whether the AmLaw 100 lists are skewed by the ever-increasing number or attorneys or not. Kudos to lawbones for citing references. Very scholarly.

WARNING: There is biglaw bashing in this thread… not for the faint of heart.

lawbones: did anybody else read the thing about how being on the amlaw 100 list doesn't mean as much as it used to? http://www.law.com/jsp/article.jsp?id=1145964629358

it says that there are too many lawyers and that is actually diluting the power of the big law firms. so working for an amlaw100 firm is actually not as good as you might think.

i thought it sounded pretty reasonable, but the blog over at adam smith esq. tears the article apart as being unsound from an economical point of view. http://www.bmacewen.com/blog/archives/2006/05/ whats_so_bad_about_being.html#more

JD_Jr: if you're naive enough to think the huge paydays they are giving out at the amlaw100 firms are worth selling your soul, then you get what you deserve.

alighieri: Amen, brotha. Just see Sidley & Austin.

hamburgerman: but imagine you've got school loans and a 85,000 dollar/yr job is going to keep you in debt til you die. then you are at the mercy of biglaw... and who did it to you? the federal government!! this is a little off-topic, but the feds are ripping off students and ruining their lives.

so you're left with no choice but to quite literally sell your soul to the am law 100 bozos.

rbrown: i would agree, but man, there are so many people who actually do enjoy it. i'm checking out soon, and i'm amazed by the view.

hamburgerman: who could actually enjoy it? maybe you enjoy the lifestyle it affords you but oh god working at a big law firm hurts so bad.

rbrown: i'm not kidding, i see people enjoy it. joy can exist. i believe that it is impossible for myself to enjoy it (hence my departure) but i'm here to tell you, people do enjoy it.


Clifford Chance

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