law firm layoffs continue ...
I just discovered a blog (I refuse to say “blawg”) called Lawshucks that’s done a really impressive job of tracking the carnage created by big-firm layoffs (now a weekly announcement). Here is a set of quick links to their well-designed graphical representations
Follow this link to see the whole post. Once you sneak a peek you may wonder, as I did, whether these high-profile layoffs are merely normal attrition; or the result of outsourcing; the economic downturn; an excuse to shed sub-standard performers? Or were there really just too many lawyers to begin with? Maybe these big firms have really been bottom-heavy, lumbering organizations and law schools should have applied the breaks years ago when everybody in the industry saw this coming? Any chance of that?
Posted in bankruptcy, Blogging, business, Career and Job, careers, community, crowdsourcing, current-events, employment, enterprise, finanancial, jobs, law, legal marketplace, lists, outsourcing, practice, practice management, the business of law, Wisdom of Crowds, work
Who says lawyers can’t get good work these days? Take this piece for instance from the ABA Journal:
Kirkland & Ellis Seeks Fee of $18.50 a Minute for Bankruptcy Work
Posted Jan 28, 2009 By Debra Cassens Weiss
Kirkland & Ellis has requested a fee of $1,110 an hour in a corporate bankruptcy, a possible record amount, according to one expert. The hourly rate breaks down to $18.50 a minute, Bloomberg reports. The law firm is seeking the fee for its representation of titanium dioxide-maker Tronox Inc. Two other law firms are seeking nearly as much, requesting hourly rates in excess of $1,000, according to the story. They are Sidley Austin, in the restructuring of the Tribune Co., and Skadden, Arps, Slate, Meagher & Flom, representing Circuit City. Bankruptcy law professor Lynn LoPucki of the University of California at Los Angeles told the wire service that fees for lawyers and other professionals in bankruptcy cases are growing at four times the rate of inflation. “As the economy gets worse, the bankruptcy lawyers are charging more,” LoPucki told Bloomberg. “It seems that each month one sets a new record for hourly billing rates. $1,110 is, to my knowledge, a record for the debtor’s bankruptcy counsel.”
And you thought the economy was having problems!
Posted in ABA, bankruptcy, business, Career and Job, careers, community, competition, corporate counsel, current-events, employment, enterprise, federal courts, finanancial, jobs, law, legal marketplace, LPM Section, news, outside counsel, practice, practice management, referrals, the business of law, work