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California Firms Cut Summer Offer Rates
In another blow to the job prospects of top law students, summer associate offer rates are down significantly at many big California firms. While some firms are still compiling numbers, most offer rates are in the range of 60 to 85 percent. One firm, Morgan, Lewis & Bockius, offered jobs to only 30 percent of summer associates. That's down from an average of more than 90 percent in recent years at most firms.Alston & Bird Raises First-Year Pay to $145K
Alston & Bird has raised pay for its Atlanta associates, with first-years getting a bump from $130,000 to $145,000 - matching what the firm pays first-years in its Charlotte, N.C., office. The raises, announced Wednesday evening, go into effect Jan. 1, 2008.Collection Firm Sues, Alleges Hospital Sold Worthless Debt
A collection agency has gone to federal court in Miami claiming that Jackson Memorial Hospital shortchanged the company to the tune of $878 million by selling it a portfolio of uncollectible debts. International Portfolio sued the hospital and Miami-Dade County, which operates the facility, alleging bad-faith dealings involving deceased debtors and sloppy accounting. In part, IPI claims that the hospital hired another company to collect for the hospital on some of the debts that IPI had bought.NFL May Sue Insurer Over Costs of Clarett Defense
The National Football League's suit against its insurance company, which seeks reimbursement for about $1 million the NFL spent defending itself against an antitrust suit filed by running back Maurice Clarett, will go forward following a New York court's reversal Tuesday. In the underlying suit, the Ohio State freshman alleged that the NFL's draft eligibility rules violate the Sherman and Clayton acts. Clarett won in 2003 before a New York federal court, but the following year, the 2nd Circuit reversed.Associate Salaries: The War is Over
It goes without saying that the associate salary wars are over. Firms have responded to a drop in business and a glut of talent with salary freezes and cuts, or even a wholesale revamping of pay scales. And some industry experts predict that market rates will blur further as more firms shift from lockstep models to merit-based compensation. But the retrenching effort so far hasn't affected first-years nearly so much as midlevel associates, according to The Recorder's annual survey of associate salaries.Trending Stories
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