Date : 12-01-2008
Simpson and Thacher Announce Dismal Year-End Bonuses
Simpson Thacher & Barlett cut associate year-end bonuses by half, ranging from $17,500 for first years to $32,500 for experienced lawyers. Chairman Philip Ruegger III said the dramatic cut was a result of today's difficult economy. The law firm of Skadden Arps Slate Meagher & Flom is giving year-end bonuses equal to last year's, and no layoffs will occur.
Former President Bush Assistant Convicted of 90-Day Law License Suspension
Claude Allen, an advisor to Bush on domestic policy issues during Hurricane Katrina, could have his law license suspended for 90 days after a recommendation from a committee of the D.C. Board on Professional Responsibility. After being arrested by officials in Gaithersburg, Maryland in connection to a string of thefts in Target stores, Allen pleaded guilty to one misdemeanor count of theft of property under $500 on Aug. 4, 2006. Allen, a member of the D.C. Bar since 1992, was sentenced to two years of supervised probation, 40 hours of community service, and a fine of $625 for stealing a $525 Bose stereo, a $237 Kodak printer, and an $88 RCA stereo.
Lawyers Analyze Firm Finances Before Hopping Aboard
Lateral moving attorneys looking for new employment would be wise to ask more questions than usual with the economy the way it is. To avoid such pitfalls as the employees of Heller, one should question a prospective firm's financial history and plans, equity levels, and borrowing habits. A red flag might be if the firm is borrowing money to pay partners, or if the law firm has experienced decreased profits of more than 20%.
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