Associate Costs from the Viewpoint of In-House Counsel
April 27, 2007
In late January, Simpson Thacher & Bartlett LLP announced that it was hiking its first-year associate pay to $160,000. Since then, the legal press has noted that an increasing number of firms in every major legal market plan to follow suit.
Partnership Investments
April 27, 2007
With profits per partner continuing to rise, many attorneys have more discretionary income available for investment. In addition to investing directly in both traditional and nontraditional sources, some partners may choose to invest (either inside or outside their law firms) in opportunities that arise in the law firm setting.
Compensating the Rising Star
April 27, 2007
A young, dynamic partner is rapidly building a practice. She is active, visible, and well connected in the market. She aggressively pursues business opportunities. She is known for her keen intellect, is highly respected, and her work is first rate. Clients regularly comment on her ability to seamlessly blend pragmatic legal and business advice that advances their agendas in very positive ways. Other firms have periodically made runs at her beginning around her mid- to-senior associate years, but she began her career here and feels much attached to the firm.
Equitable Paternity
April 27, 2007
Recently, the New York State Court of Appeals equitably estopped a man from denying paternity in order to protect the child's best interests. The man had no biological link to the child, but was deceived by his paramour into thinking that he was the father. <i>Matter of Shondel J. v. Mark D.</i>. The impact this ruling could have on same-sex couples and the children of their unions is potentially significant ' not just for couples in New York, but for same-sex couples in all states that value the best interests of the children of those unions.
Negotiating Tips for Mobile-Game Developmental Deals
April 27, 2007
Part One discussed mobile-game players, the industry playing field, content ownership issues and developer credits. Licensing Celebrities and Brands Just like its more traditional console and PC counterparts, the mobile-game industry has its fair share of celebrity and brand-name licenses. The correct celebrity association can make or break a game, and even a boring game might gain some level of success just because of its association with a particularly famous person or brand. In 2006, Hands-On…
CAFA: Finding a Method to the Madness of 'Mass Actions'
April 26, 2007
The Class Action Fairness Act of 2005 ('CAFA') expanded federal jurisdiction over putative class actions. Under CAFA, the federal diversity jurisdiction statute, 28 U.S.C. '1332, was amended to allow for both original and removal jurisdiction over putative class actions where: 1) the putative class action consists of at least 100 proposed class members; 2) the citizenship of at least one proposed class member is different from that of any defendant ('minimal diversity'); and 3) the matter in controversy, after aggregating the claims of the proposed class members, exceeds $5 million, exclusive of interest and costs. <i>See generally</i> P.L. 109-2 '4(a), codified at 28 U.S.C. '1332(d). This expanded federal diversity jurisdiction is subject to certain exceptions, including the 'local controversy' and 'home-state controversy' exceptions, where, <i>inter alia</i>, a certain percentage of putative class members and the 'primary defendants,' or defendants from whom 'significant relief is sought,' are citizens of the forum state. <i>See</i> 28 U.S.C. '1332(d)(3) and (4).
Marketing Training for the Next Generation of Rainmakers
March 29, 2007
The practice of law has seen many changes in the past 10 years. The profession has changed to become more client focused, associates are entering at higher salaries, and firms are pressured to be more efficient. All this adds up to the necessity for new associates to be productive sooner — and that includes developing business. However, young lawyers do not learn how to develop clients during law school. They learn to research, cite cases, and think logically, but they do not learn the practical skill of getting and keeping clients. This must be taught by senior lawyers, outside consultants, or others responsible for training.
