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
Highlights of the article posted today by the ABA from author Molly McDonough
The image of a businessman dressed in a dark suit, slipping on a banana peel and about to fall flat on his rear may give Web users an idea of the types of lawyers they might find starting in September on WhoCanISue.com. The new website, founded by Florida lawyer Curtis A. Wolfe, aims to connect attorneys with potential clients. “The new site, backed by individuals from the legal and online marketing communities, is designed to fill the gap in the market with a model that gives consumers greater control, safety, and efficiency, and creates more qualified inquiries for participating attorneys,” a news release states. [read more …]
Technorati tags: lawyer, law, business, match-making, match, bar associations, legal services, legalmatch, lawyers.com, findlaw, avvo
Posted in ABA, business, collaborative tools, community, competition, conduct, current-events, disruptive technology, FindLaw, law, legal marketplace, Lexis-Nexis, LPM Section, practice, practice management, referrals, technology, Westlaw
Ed. Note: Readers will remember my zealous defense of Avvo in its early going, as well as the controversy surrounding that position (what I call a “free market” stance). Here is a selection from those rebellious times. But it wasn’t until this year that Avvo’s rabble-rousing approach to the legal marketplace reached Illinois, that shining jewel set in the silver sea of the Midwest. The Paris of fly-over territory. And when Avvo arrived its new ideas were welcomed by our foreward-thinking judiciary with open arms (and clenched fists). But don’t take my word for it ..
The Illinois ARDC Responds to Avvo’s Petition
July 8th, 2008 by Josh King, VP of Business Development and General Counsel
I received the Illinois Attorney Registration and Disciplinary Commission’s response to Avvo’s Illinois Supreme Court petition yesterday. Although I had hoped that the ARDC would simply ask the court for guidance in dealing with the apparent disagreement between public records law and the ARDC’s 28-year-old guidelines for providing attorney records, the ARDC went to some lengths to defend its guidelines and take issue with what Avvo is doing. I’m not entirely sure why – the guidelines in question have survived both the advent of the internet and the explosion of openness in most state open records laws, so there surely would be no shame in inquiring whether the policy is still relevant, let alone whether it complies with the current state of Illinois law on public access to judicial records.
The guidelines in question, you see, generally prohibit the dissemination of the Attorney Roll to nn-Illinois entities or for most commercial uses (for-profit Illinois CLE providers are exempt). Putting aside the only-for-Illinois portion of the guidelines (a restriction that surely doesn’t meet the standards of the federal Constitution’s Privileges and Immunities clause), the ARDC has focused on Avvo’s status as a commercial entity and Avvo’s use of the attorney records. Along the way, the ARDC has attempted to understand how Avvo works. Unfortunately, it hasn’t done so via the lens of the consumer. So let’s clear up some misconceptions the folks in Springfield hold: [read the rest here]
Posted in Avvo, Blogging, business, careers, collaborative tools, community, competition, conduct, crowdsourcing, current-events, disruptive technology, employment, illinois supreme court, judiciary, law, legal marketplace, news, practice management, radical transparency, records, referrals, the business of law, web 2.0, Wisdom of Crowds