The American Lawyer | Analysis
By Andrew Maloney | February 14, 2024
"Our talent levels became misaligned with our existing and projected client demand, particularly in our large transactional practices. I take responsibility for this and am truly sorry that those decisions have led to a significant impact on our people today," said Fenwick & West's chair.
National Law Journal | Analysis|News
By Abigail Adcox | February 14, 2024
Even as the equity tier expanded and the firm's profits per equity partner rose about 16% to $1.91 million. And amid lateral growth, Steptoe's total full-time equivalent head count rose about 4% to around 396 lawyers last year and revenue per lawyer climbed more than 8% to $1.2 million.
By Cassandre Coyer | February 14, 2024
Though law firms' structures have long been an obstacle to successful unionization efforts, generative AI could push the legal industry to consider collective bargaining.
New York Law Journal | Analysis
By Michael J. Hutter | February 14, 2024
A unanimous decision from the Court of Appeals forcefully emphasized that in legal matters, either in response to a FOIL request or in civil litigation, a governmental entity and its counsel are entitled to engage in confidential communications with counsel to discuss, establish and maintain its legal position, protected by the privilege. Due to the significance of the case, this article discusses the court's decision and the takeaways from it.
By Dan Roe | February 14, 2024
As Big Law keeps getting rewarded for pushing large rate hikes, analysts and consultants say midsize firms are leaving money on the table.
New York Law Journal | Analysis
By David E. Kahen and Elliot Pisem | February 14, 2024
In 'Estate of Fry v. Commissioner', payments by one S corporation to another under identical ownership were recorded as intercompany loans. Following issuance of a notice of deficiency premised on the shareholder's stock basis in the debtor corporation being insufficient to support the losses claimed by him, the petitioners were ultimately successful in persuading the Tax Court that the transfers should be recharacterized as distributions by one corporation to its shareholder, coupled with contributions by that shareholder to the other corporation.
New York Law Journal | Analysis
By Daniel G. Fish | February 14, 2024
Decades ago, seniors purchased private long-term care insurance rather than rely upon their own savings or Medicaid. Many of them are now receiving letters raising their premiums to levels that they can no longer afford. They are offered a bewildering series of options including maintaining their coverage or reducing their benefits. The analysis is so complicated that many seniors are seeking advice from elder law attorneys.
By Maria Dinzeo | February 14, 2024
"The people who regulate the profession are the profession. They are judges and members of the bar. So what incentive do they have to give away that control to the machine?" said Foster Sayers, vice president of legal ops at health tech company symplr.
By Ross Todd | February 14, 2024
"Billable hours worked, the market's favored measure of demand for legal services, is simply becoming a less useful measurement," write the authors of a report issued this week by The Thomson Reuters Institute.
New York Law Journal | Analysis
By Elliott Scheinberg | February 13, 2024
The legal universe is coated in general rules and principles but, as well known, general principles and rules have their individualized specific exceptions. This article examines such instances in appellate procedure.
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Professional Announcement
Frederick D. Miceli has joined the firm as Of Counsel
Professional Announcement