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Law.com - Newswire
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The day's top legal stories accompanied with summaries.
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Reed Smith Lays Off 115 Staff in United States
Although the layoffs announced Wednesday by Reed Smith -- including 115 U.S. staff positions and an anticipated 11 U.K. associates -- represent less than 4 percent of the firm's work force, they look to be the largest one-time staff cut of any firm nationally since the economic downturn began this year. Global managing partner Gregory Jordan said he does not expect any more staff cuts, and that he does not anticipate any attorney layoffs in the United States.
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Annual Survey Shows Law Firm Leaders Wary but Confident
What will next year look like at the biggest law firms? For the first time since The American Lawyer began surveying firm leaders in 2003, their answer is: We're not sure. More than half the respondents reported feeling uncertain about the year ahead, up from a quarter a year ago. Managing partners are projecting lower profit gains and fairly stagnant deal flow. Still, one aspect of firm management may never change: Ninety-eight percent of respondents said their billing rates will be higher next year.
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Supreme Court to Consider Pensions and Pregnancy Leave
In the 30th anniversary year of the federal Pregnancy Discrimination Act, the "second generation of pregnancy discrimination" has arrived at the U.S. Supreme Court, say some civil rights and women's rights lawyers. The four women at the center of AT&T v. Hulteen entered the work force and took maternity leaves before the PDA was enacted. The case, which will be argued on Dec. 10, could affect thousands of female workers, retired or about to retire, as well as company pension plans.
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Law Firms Consider Overhaul of Associate Bonus Structures
A shift may be coming in the way associate bonuses are structured, as firms use the economic downturn as a reason to overhaul associate compensation packages. Leaders at several firms say that while bonus structures aren't changing this year, models for next year may be more closely examined. Meanwhile, in the short term some firms are predicting reductions. K&L Gates managing partner Peter Kalis said he wouldn't be surprised if, across the country, bonuses were "more subdued" than they have been.
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Will Clients Go for Your E-Billing Fix?
To avoid electronic billing woes that can plague law firms, Choate Hall & Stewart sought a system that would automate bill creation, upload bills to clients' e-billing apps and allow invoice tracking. The firm chose software as a service eBillingHub -- with interesting results.
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Prudent Practices in a Bad Economy
Given that much of today's economic turmoil is the product of a crisis of confidence, future reforms likely will address a lack of confidence in America's corporate boardrooms. While it is impossible to predict what regulatory fruit the crisis will bear, there are corporate governance principles that public and private boards of directors should apply as prudent practices even before a new administration and Congress move to Washington, say attorneys David B. Gail, Mary R. Korby and Michael A. Saslaw.
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K&L Gates, Bell Boyd Consider Merger
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Linklaters Set for Nearly $2 Million Weekly Lehman Earnings
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Bar Exam Pass Rates Climb in Several States
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Judge Bars MGA From Making, Selling Bratz Dolls
The rowdy Bratz dolls have been evicted. Barbie has regained control of the dollhouse. Toy giant Mattel Inc., after a four-year legal dispute with MGA Entertainment Inc., touted its win in the case Dec. 3 after a federal judge banned MGA from making and selling its pouty-lipped and hugely popular Bratz dolls. The ruling, issued in federal court in Riverside, Calif., followed a jury's finding that Bratz designer Carter Bryant developed the concept for the dolls while working for Mattel.
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