Facts & Figures: 5 sets of newsworthy data
From shrinking salaries to the growing demand for labor lawyers, an inside look at the numbers that count
August 03, 2012 at 08:19 AM
14 minute read
The original version of this story was published on Law.com
Sinking Settlements
Although the number of U.S. securities class action suits has remained consistent this year, the number of settlements in those cases has dropped significantly, according to a study by NERA Economic Consulting. The average value of those settlements, however, has increased in 2012, although some of that is attributable to a $1.01 billion settlement in In re American International Group, Inc. Securities Litigation.
98 Projected cases that will be settled in 2012 (the number stands at 49 through June)
128 Total cases settled in 2011
62 Projected settlements with monetary compensation this year, down from 87 in 2011
$71 million Average value of securities class action settlements in the first half of 2012
$41 million Average value of those settlements excluding In re American International Group
$31 million Average value of the same settlements in 2011
Grim Graduation
In case you haven't had your fill of depressing law school statistics, here are some more. According to a new study from the Association for Legal Career Professionals, 2011 graduates are earning significantly lower median salaries than graduates in past years. And those are the lucky ones: Nearly 15 percent of 2011 law school graduates can't find jobs at all.
85.6% Employment rate for 2011 law school graduates, the lowest since 1994
65.4% Employed 2011 graduates who found jobs in law firms
-17% Decline in law school graduates' starting salaries between 2009 and 2011
$60,000 National median salary of 2011 graduates who worked full-time for at least one year
$72,000 National median salary of 2009 graduates who worked for the same period
Labor Lawyers
The financial crisis hasn't been kind to most of the legal industry, but attorneys working in the labor and employment sector have reason to smile, according to new data from the Hildebrandt Institute. Although demand for corporate, real estate and bankruptcy work fell during the second quarter of 2012, law firms saw an increase in the demand for labor and employment work in the same time period. Read on for a more complete breakdown:
4.2% Increase in demand for labor and employment work
-2.1% Decrease in demand for corporate work
-3% Decrease in demand for bankruptcy work
-0.2% Decrease in overall demand for legal services
5% Increase in the demand for legal work at Los Angeles law firms, the strongest among major markets
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Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
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