In response to an increasingly competitive job market for young lawyers in London, legal heavyweight Paul Hastings has announced a 5% salary increase for its newly qualified lawyers. Their annual salary will now stand at £173,000. The rise comes amidst a talent war that has prompted numerous leading law firms to hike pay for their London associates. Notably, big-name US-based firms like Cleary Gottlieb, Davis Polk, and Weil, Gotshal & Manges have already increased their London pay scales (Financial News).
Meanwhile, McClenny, Moseley & Associates, a Texas-based law firm, has been met with a default judgment exceeding $10 million. This judgment comes in addition to the ongoing investigative and criminal proceedings the firm was already facing over alleged hurricane insurance fraud claims. Last May, the firm was fined $2 million by Louisiana’s Insurance Commissioner (Insurance Business).
In other legal industry developments, Axiom Advice & Counsel, an offshoot of Axiom Law, has experienced significant growth in its initial year of operation. The firm highlights its competitive pricing, quoting “a fraction” of the rates charged by national firms, as a key factor in its successful entry into the market. Axiom Law credits Arizona’s alternative business structure program, which permits non-lawyer-owned law firms, for enabling its rapid rise (Axiom Law).
An array of lateral movements and appointments has also been observed: Phillip N. Yannella has joined Blank Rome as a Partner in the corporate litigation group; Julia Boyd has signed on with McDermott Will & Emery as a Partner in the transactions practice group; Robert Giacchetti has joined Holland & Knight’s corporate, M&A and securities practice group as a Partner; Sophia Mancall-Bitel has moved to Mayer Brown as a litigation and dispute resolution partner; Sameer Ghaznavi has been named co-partner-in-charge at Norton Rose Fulbright; Paul Feldberg is now a Partner and Head of UK white collar defense, investigations and compliance practice at Brown Rudnick; Megan Penick has joined Dorsey & Whitney as a partner in the capital markets group; Sanjay Murti has been added to Freshfields Bruckhaus Deringer’s corporate department roster as a partner.