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Associate Pay Cuts Here to Stay, Say Firms, Analysts
A growing number of managing partners and management consultants say recent cuts to associate compensation aren't a temporary phenomenon. And some predict an even more significant correction to entry-level lawyer salaries coming in the year ahead. Since February 2009, at least 19 Am Law 200 firms have rolled back entry-level pay. And the pace of change appears to have picked up in recent months, with some global firms announcing far-reaching changes. Even at Wall Street firms, change is in the air.By a 5-3 vote, the Supreme Court held that pharmaceutical pay-for-delay deals aren't presumptively illegal under antitrust laws, but the government can still try to make a case that individual settlements are anticompetitive. In other words, the pharma industry will be keeping its lawyers very busy.
Orrick's Staffing Moves Pay Off -- Will Other Firms Follow?
When Orrick, Herrington & Sutcliffe moved its support staff to a small industrial town in West Virginia, lawyers inside and out were skeptical of the quality of work and the return on investment. Five years later, the 980-lawyer firm says it's saved more than $20 million thanks to its Global Operations Center -- all without diminishing services. But most large law firms remain unconvinced; leaders say the cost of splitting attorneys from staff would be too high.Former Clients File Malpractice Suit Against Milbank
Two former clients have sued Milbank, Tweed, Hadley and McCloy, charging the firm with malpractice, breach of fiduciary duty and breach of contract over the firm's work on the financing of a failed Nebraska ethanol project.Wolf Block Expands IP Practice in N.Y.
Wolf Block Schorr & Solis-Cohen has expanded its intellectual property practice in New York with the addition of five attorneys from the Manhattan-based boutique Steinberg & Raskin.Pain Research Unites Two Biotech Companies in Deal
A Latham & Watkins partner has guided biotech company Renovis Inc. through a $45 million private-funding round, an IPO and now a major licensing deal with drug maker Pfizer Inc. There can be only one. PalmOne Inc. is paying $30 million to PalmSource Inc. for full rights to the Palm trademark.Biovail Pharmaceuticals Fires Kasowitz Benson From High-Profile Case
Biovail Pharmaceuticals fired Kasowitz, Benson, Torres & Friedman from its case against several hedge funds and Wall Street analysts Friday, as questions continued over whether the law firm knowingly used documents covered by a protective order to help bring the suit. At issue are documents that were part of a separate class action involving Banc of America Securities LLC. BAS claims Kasowitz Benson and Biovail used the material to pump up the case against the hedge funds.Trending Stories
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