Compensation Matters

Associate Salary Figures in a Holding Pattern, NALP Survey Shows

The National Law Journal

Associate salaries stagnated last year at large law firms, according to data released Thursday by the National Association for Law Placement. NALP said that while $160,000 remained the prevailing starting salary at large firms in major cities such as New York and Los Angeles, a higher percentage of associates last year started with salaries of between $130,000 and $145,000. However, compared to what many in the legal profession feared might happen, the news was relatively positive, said NALP's executive director.
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Law Firms 'Shrinking Toward Profit Growth' in Midyear Survey

The American Lawyer

The 2010 midyear data reported by 187 U.S.-headquartered firms to the Law Firm Group at Citi Private Bank may best be described as "shrinking toward profit growth." During the first half of 2010, revenue was virtually flat, and demand was down slightly, compared with the same period in 2009. Inventory grew by less than 1 percent. Given that these results are being compared to a weak first half of 2009, this hardly represents a robust rebound. At best, it may be a bottoming out.
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Former Chadbourne Attorney Claims Partnership Agreement Permits Him to Keep Compensation

New York Law Journal

A former partner of Chadbourne & Parke who was sued in July by the firm for failing to split an $875,000 fee award has responded in court papers that under Chadbourne's partnership agreement he is entitled to keep the entire award. Last week, Charles F. Gibbs said that the firm's partnership agreement did not require former partners to hand over an award like the one he received, which would be considered "other compensation." The suit stems from a 1992 trust guardianship for descendants of department store magnate Marshall Field.
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Study: Location, Firm Size Key to Billing Rates

The American Lawyer

A study of more than $4 billion worth of law firm time sheets submitted by 90,000 people at 3,500 firms portrays an industry fraught with inconsistency. About 85 percent of the lawyers charge clients different rates for the same work. The location of the biller and the size of the biller's firm -- not the biller's experience -- are the variables that most influence how much a client will pay. And while in-house counsel talk tough about keeping rates in check, they OK almost three-fourths of all timekeepers' rate hikes.
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Referee Backs Reduction of Fee Sought by Graubard From Widow's Estate

New York Law Journal

A $44 million contingency fee sought by Graubard Miller for its work on behalf of the widow of a New York real estate magnate should be cut to less than $16 million, according to a court referee's report. If confirmed, Graubard Miller's award, with interest, could climb to about $25 million. But the sum is less than what the firm would have earned under the original 40 percent contingency arrangement Graubard had with its longtime client, Alice Lawrence, whose estate claimed the fee was unconscionable.
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