|News In Brief:|
GCs Brace Themselves for Rate Battles
Rates may go up in 2009, although not as much as in years past. Consultants are predicting a 3 to 5% rate increase for next year, while the usual increase is 5 to 10%. With corporations making cuts in their legal spending, in-house lawyers are attempting to prevent any raise saying companies have been hit too hard with the economics downturn.
GCs Concerned About Mergers
Mergers have some general counsel shaking in their boots, afraid that it will mean higher rates and less options when it comes to legal firms. Another problem merging creates is higher overhead cost and less control over quality results. In attempts to stabilize firms in an unsound economy, merging may increase in the future.
McDermott Will & Emery One of First to Announce Bonuses
McDermott, an international law firm with over 1,100 lawyers, recently publicized their newly adopted bonus payment plan. Rather than using the traditional October time table, associates will receive a portion of their bonus in December and the remaining amount in January. Associates in the class of 2006 and 2007 receive a bonus of $10,000 while 2004 and 2005 associates get a $15,000 bonus and $20,000 for all other associates.