Survey anticipates rise in compensation for legal services
The Robert Half Legal 2007 Salary Guide predicts that first year associates, attorneys with one to three years of experience, and other legal support positions can expect significant increase in base compensation. The survey states that the recruitment outlook is optimistic and that new business development and continued regulatory activities are major factors driving the demand for legal professionals; especially for those in specialty areas such as corporate governance, litigation, and intellectual property.
The survey forecasts that in 2007, the average starting salaries for attorneys is expected to rise 4.6 percent; base compensation for first-year associates may increase by 7.9 percent; and starting salaries for licensed attorneys with one to three years of experience at small firms may witness a 7.4 percent climb. The guide also forecasts an increase in the average starting salaries for paralegals and legal administrators with a 6.1 percent and 6.3 percent rise respectively. Additionally, corporate attorneys can expect their average compensation to increase by 4.6 percent in 2007.
Robert Half Legal 2007 Salary Guide is created by surveying thousands of job
orders and placements throughout the country. It is widely used by law firms and in-house legal departments in the U.S. to gauge the compensation for legal professionals.
Cravath Swaine & Moore announces four promotions
Wall Street law firm Cravath Swaine & Moore joined the bandwagon of law firms across the U.S. building up its partnership strength and revamping their top management. Effective January 1, 2007, three associates in their corporate practice group - Craig Arcella, Andrew Thompson, Damien Zoubek, together with litigation lawyer Teena-Ann Sankoorikal will receive new posts as partners in the firm's New York office. The date will also witness a change in the top management of Cravath Swaine & Moore.
The shuffle will see Evan Chesler taking over from litigation specialist Robert Joffe as presiding partner, and Allen Parker assuming duties of deputy presiding partner. Joffe, who was leading the firm since 1999, will return to full-time practice.
Out of the several US firms who have adopted the strategy of promotions and change in management, the noteworthy ones are that of the west coast firms - Paul Hastings Janofsky & Walker
and Wilson Sonsini Goodrich & Rosati
recently promoted 16 and 13 associates, respectively. Other prominent firms including Sullivan & Cromwell
, Latham & Watkins
, Milbank Tweed Hadley & McCloy, and Cleary Gottlieb Steen & Hamilton
have also witnessed major revamps in their management structures.
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