A return to profit growth and a broad “acceptance” of office work norms have made the legal industry look and feel a little more normal in 2024. And, according to new data, associate hiring may be another leg on that stool. https://loom.ly/2qrIBf4
Some legal department leaders unnecessarily escalate the stress on outside counsel by treating routine matters as five-alarm fires, thinking outside lawyers’ hefty hourly rates entitle them to be extra-demanding. https://loom.ly/apJkV9s
University of Kentucky law school professor Brian Frye explains how he developed “the New York Times ‘Best Law Schools’ 2024 ranking,’” or the “NYT ranking.” https://loom.ly/vmhrkxw
Seventy-nine in-house counsel responded to the Law.com and ALM Intelligence’s 2024 Mental Health Survey. While 79% percent of those respondents said they don’t hate their jobs, they do find them mentally and physically taxing. https://loom.ly/30-hSrI
In our fifth annual Mental Health Survey, the negative impact of billable hours fell slightly, but the negative impact of understaffed teams went up. https://loom.ly/Sqi9SH8
"[W]e need to continue creating supportive environments that build resilience. As leaders in the industry, it’s important we help each other and our people to recognise our resilience and the value of learning from mistakes for personal and professional growth." https://loom.ly/TeKD6-Q
Some of the latest designs from firms like Mayer Brown and Perkins Coie continue an emphasis on gathering and event space, replete with amenities such as pool tables, coffee bars, and music rooms. https://loom.ly/oDXmVFs
The #MeToo and Black Lives Matter movements threw the spotlight on pay inequity for women and minorities. In 2019, Colorado passed the first pay transparency law in the U.S., and ten states have also passed similar legislation. https://loom.ly/isdCWt4
Profits per lawyer is an alternative way of looking at firm profitability, and is intended to reduce the influence of factors such as leverage. Susman Godfrey topped the list with a PPL of $3,039,000. https://loom.ly/xuba8pQ
Average Compensation–All Partners increased by 6.2% in 2023. Seventy-two firms posted increases, compared with 41 the previous year. Twenty firms posted double-digit gains, while five firms posted double-digit losses. https://loom.ly/5C9YYmw
Wachtell tops the list with $8.5 million in profits per equity partner. For the Am Law 100 as a whole, average PEP was up by 9.3% in 2023.
https://loom.ly/zi2-pvg
For the Am Law 100 as a whole, average revenue per lawyer, the metric that we’ve long regarded as the most reliable measure of a firm’s financial health, increased by 4.9%. In 2023, eighty-five firms posted a gain in RPL. https://loom.ly/Ys5Wbjc
Legal tech vendors, alternative service providers and law firms are all vying for in-house counsel’s attention, and the winners in the legal field will be those who figure out how to put AI to the best use for those clients. https://loom.ly/cLst6Vo
Words that are ambiguous are not preferable to words that are precise,” Damien Riehl said. The term “non-lawyer,” he said, is “not saying anything; it’s saying what someone is not.” https://loom.ly/Qf333PM
Two First Amendment cases before SCOTUS involve government officials contacting social media platforms about online "misinformation" and the NRA asserting its free speech rights were violated by an ex-New York financial regulator. https://loom.ly/nsa1eNA
The writing portion of the LSAT is changing, with a longer and more argument-based approach. https://loom.ly/NNTSi_A
Fired over a social media post that his firm felt was denigrating to Blacks and Muslims, a former McCarter & English associate said the legal profession is growing more hostile to those with conservative viewpoints.
https://ow.ly/UrEj50QIs94
Cara Bain: “For Allison and I, our partnership is our avenue to personal success. I think we could individually have personal success without each other. But I think when we get together and put our skill sets together … it makes us so much stronger.” https://ow.ly/2CpL50QCpuV