Latham & Watkins, among the world’s largest law firms, is preparing to augment its partner compensation by approximately 17% following a year of robust performance. This pay increase comes after a challenging period when the firm recorded an average profit per equity partner of $5.5 million, slightly lagging behind some of its peers. However, last year’s successful performance projects an increase to about $6.4 million in average profit per equity partner, aligning the firm’s competitive standing in the legal industry. More information is available in the FN London report.
The news is part of Bloomberg Law’s Wake Up Call, a daily briefing that provides crucial updates for legal professionals worldwide. In other legal news, federal prosecutors are recommending a 16-month prison sentence for lawyer Kellye SoRelle, following her guilty plea to felony charges associated with the January 6 US Capitol riot. SoRelle was previously associated with the Oath Keepers militia and has been accused of attempting to destroy evidence related to the riot. Further details on the legal proceedings can be found on WUSA9.
Furthermore, a dispute over attorney fees has emerged following the $2.7 billion antitrust settlement involving Blue Cross Blue Shield. Several small law firms are accusing Louisiana’s Pendley, Baudin & Coffin of withholding their portion of a $667 million fee award. The settlement had been finalized in 2020 and was upheld despite challenges up to the Supreme Court. The latest developments on this matter are covered in a report by Reuters.
This roundup is vital for keeping law professionals informed about significant industry developments and personnel changes, such as recent major lateral moves. Among them, Jennifer Csik Hutchens has joined Dechert as a partner in its corporate and securities practice, and Kevin Lanouette has been appointed as the senior vice president and general counsel at iRobot. More details can be accessed through Bloomberg Law’s Wake Up Call.