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Partner Promotions Down a Third at Top 50 U.K. Law Firms
New partner promotions across the U.K.'s top 50 law firms plunged by a third between 2008 and 2009, with the downturn impacting lawyers' opportunities to make partner. Taking into account promotions at firms such as Clifford Chance and Simmons & Simmons, which pushed their decisions back until the summer, there were 399 promotions across the U.K.'s 50 biggest firms by revenue in 2009, compared with 598 in 2008.On the Merger Front, Law Firms Assist Biotech and Athletic Gear Companies
What's new in mergers nowadays? Piper Rudnick's John Howard Clowes stepped in to help Protein Design Labs during a merger with Biogen Idec, after PDL lost its GC and senior vice president of legal. And Reebok International has asked Latham & Watkins to be antitrust counsel for a merger with Adidas-Salomon. The PDL transaction is seen as one of the biggest in the past five years based on its value of $800 million in "biobucks" -- a combination of up-front stock, cash payments and potential long-term value.Levi's Deal Underscores Growth of Alternative Billing
Orrick partner Karen Johnson-McKewan got Levi Strauss to turn over all its legal work in exchange for a multimillion-dollar fixed-fee arrangement. Has alternative billing finally taken off?Orrick-Levi Strauss Deal Underscores Growth of Alternative Billing
Alternative fee billing has been a buzzword for decades, but many say the latest recession has finally given the trend some teeth. Witness Orrick, Herrington & Sutcliffe's all-in arrangement with Levi Strauss & Co. Earlier this year, Orrick inked a deal with Levi Strauss that is the law firm's broadest alternative fee arrangement ever. Orrick will handle all of Levi Strauss' legal work worldwide in exchange for a fixed yearly fee paid in monthly increments.Profits at U.K.'s Top 50 Law Firms Hit Record Levels
The United Kingdom's top 50 law firms have seen a second year of double-digit revenue growth, with fees rising 14 percent annually to hit �10.5 billion. Legal Week's 2006-07 figures also show average profits per equity partner going up by 13.5 percent. What's more, the four largest firms generated �4.18 billion in fees among them, nearly 40 percent of the top 50's income. Clifford Chance managing partner David Childs said the results vindicated the big four firms' investment in their foreign offices.State AI Legislation Is on the Move in 2024
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