In the ever-evolving landscape of legal industry compensation, partner pay at elite firms is climbing to unprecedented heights. Renowned industry observers have noted a significant shift, with $25 million to $30 million now becoming the “new top rung” for valuable lateral hires and high-performing partners at top-tier law firms. This adjustment follows what was once considered the $20 million benchmark for top partner remuneration. Despite the astronomical figures, there are no immediate concerns of a tech bubble-esque collapse, according to one legal search executive who remarked, “I don’t think it’s going to burst” (Law.com).
Simultaneously, law firms continue their aggressive expansion strategies. Foley & Lardner has recently attracted a trio of healthcare partners from K&L Gates to establish a new office in Raleigh, North Carolina. This move also sees enhancements in their Miami and Dallas operations. Although Leah D’Aurora Richardson currently stands as the sole attorney in the Raleigh office, Foley’s Chairman, Daljit Doogal, expressed enthusiasm about the firm’s growth prospects in this market (Global Legal Post).
Elsewhere, legal professionals face significant challenges and risks. In Iran, attorney Mehdi Shakibafar was sentenced to over 22 months in prison on charges of “insulting the Supreme Leader” and spreading “propaganda against the regime.” His conviction marks a severe turn of events following an initial acquittal, later appealed and reversed to prevent emboldening the defendant (IranWire).
In terms of new appointments, Channah Norman, formerly chief counsel for the U.S. Army Center of Military History, has been appointed as co-chair of Shook, Hardy & Bacon’s newly established art law practice. This venture is relatively unique among large legal firms, aiming to capitalize on specialized legal needs within the art sector. Norman will co-lead the practice with Alicia Donahue and Tristan Duncan of Shook’s Executive Committee and Appellate Litigation groups, respectively (Shook, Hardy & Bacon).
The lateral movement also remains vigorous within the industry. Emma Mann-Meginniss has joined Cooley in San Francisco, while Curtis Doty has transitioned to Chapman and Cutler’s New York office from Mayer Brown. Additionally, Stephen Ma is now part of Saul Ewing’s Los Angeles litigation team, and Dylan Metzner has taken on a role at Buchalter in Denver focusing on tax planning and estate matters (Bloomberg Law).