Salary/Benefits/Insurance/Bonus/Hiring Survey--Firm Health

It's that time of year again, folks. Time to do a survey of the Vegas legal industry.

As usual, we rely on reader tips to provide information on:

• starting salaries
• lockstep raises
• guaranteed salary increases
• benefits,
• insurance benefits,
• bonuses, and
• the state of hiring in Fall 2009 (how many were hired)

Please send in any and all information to nevadalegal@gmail.com. All information will be compiled into a spreadsheet and published later in Sept.

Also, this year, we are looking for information on all firms, legal businesses and government posts, no matter the size. So please send in any details you know to nevadalegal@gmail.com.

* for this round, we're just looking for information on attorney positions, but we will be working on a similar survey for support staff soon.

Lawyerly News Roundup

Family law attorneys are going hungry up north. Damn recession is causing couples to try to work it out. (RJ)

Poor "Pimp Snooky" [pictured right] just can't convince authorities that he's not actually a pimp. It might have something to do with Snooky's repeatedly saying he's a pimp on Jerry Springer and the movie "Pimps Up, Hos Down" or his catch phrase “let me pimp, or let me die”. (LV Sun)

Many young attorneys dream of the day they have their first trial. Few dream that Nevada Supreme Court Justice Mark Gibbons might make the trial just that much more intimidating by presiding over the trial. (LV Sun)

Poor Noel Gage. Now the Nevada Bar says he's violated attorney ethics by sharing funds with [alleged crook] medical consultant Howard Awand. (RJ) Oh well, at least he's safe on the criminal charges [unless the Ninth Circuit decides Nevada should be allowed to clean up its attorney ranks]

Layoff Watch and a Departure from Lewis & Roca

Update: We have confirmation that Albright Stoddard just let go of 5 attorneys.

An anonymous tipster contacted me today to tell me that Albright Stoddard let go seven five associates.

Can anyone confirm if it was indeed seven five associates, and not a combination of associates and staff?

In addition, Martha Ashcraft left Lewis & Roca to start her own practice. Marti was the President of the CCBA in 1997. From what I've heard about her legal skills, she will be very successful. Good luck with your new practice!

Recession advertising hits the valley: 50% off lawyers

With the economy in a slump, many firms are trying different strategies to shore up their balance sheets: cheaper rates, cut associate salary/benefits and even rexamining the billable hour system. But where some see crisis, others see opportunity.

Enter legal marketing genius and Vegas attorney, Adam Stokes. Stokes was the original creator behind the Ticket Busters' business model (large quantity of small cases for small fees = big bucks) and he was the original owner of the 444-4444 number. Stokes sold both businesses to Richard Harris, along with some personal injury cases, reportedly for $4 Million. Not bad for three years of work (Stokes was admitted to the NV Bar in 2004).

Well, Stokes is back. He is soon to announce the opening of his next well-named business, Half Price Lawyers (http://www.halfpricelawyers.com/). Pretty smart marketing in this economy. Americans do love a bargain.

By the way, if you're reading this Mr. Stokes, we're looking for a Director of Marketing here at the blog.

(Thanks to M for the tip)

Weak Economy finally hitting Vegas firms?

In an economic slowdown, the traditional logic is that businesses increasingly rely on legal assistance. As a result, the legal economy improves as companies engage in more litigation or bankruptcy. But that's not the case in the current economic slowdown.

In Business Las Vegas reports:

While most say litigation is up slightly, bankruptcy filings don't appear to be increasing as fast as might have been expected.

That could mean two things, they said: Either the economy in Las Vegas is not as bad as some have said, or lenders are really working hard to create work-arounds.

Mid-sized firms across the country are considering hiring freezes. What those firms do will certainly have an affect on recruiting and the business of legal services in Las Vegas, veteran lawyers said.

What does this practically mean for Vegas attorneys:

"I think we're going to see a balancing in law firm employment, especially at the larger firms," said Bill Urga of Jolly Urga Wirth Woodbury & Standish. "I think we're not going to see new hiring, and certainly not an increase in wages. I think people are being cautious. And I think that's prudent of them."

The Las Vegas legal legal market has historically avoided many of the problems faced in other cities. That is at least in part due to the nature of Nevada's economy.

The economic downturn appears to be fairly isolated to the building industry and those closely tied to it like furniture and appliance sales.

Sounds like it's not too doom and gloom for Vegas lawyers. Additionally, the article suggests that firms turning to new areas of practice for the Vegas Valley (IP, Securities) are seeing their business grow. So get out there and learn some new law attorneys!

Support Staff feeling the [economic] burn

Yesterday, I asked whether how or when the slowing economy would hit Vegas firms. East coast firms are already laying off real estate and financing divisions of the firm, and there are predicitons that the lower-billing associates will soon be cut.

Well, apparently the economy has had an impact on staff at firms: the support staff. Rather than letting go of associates or lowering associate bonuses, some Vegas firms are asking support staff to carry the brunt of the economic downturn.

Word on the street is that management at some Vegas firms have put a hiring freeze on support staff and are choosing not to issue support staff bonuses in 2007. In the meantime, associates and partners receive their bonuses on time.

Not a smart business move by management. Every firm attorney knows that without skilled support staff, the associates would be worthless. Most of them have no idea how to draft an Answer or file a Complaint. I wonder how hard they can squeeze the secretaries and paralegals before they look for new work?

Let me know if you're job is cutting back on perks or laying off associates and/or support staff: nevadalegal@gmail.com

Will Economic Downturn Affect Law Firms?

Last week, Above the law reported that east coast firms have started downsizing to deal with the lack of real estate and financing business in light of the country's economic woes.

Todat, the Wall Street Journal's Law Blog reports that the slowing economy is affecting litigation departments as well:

Legal consultancy Hildebrandt and Citi Private Bank are due to issue a report today, based in part on financial data furnished by 247 firms, indicating that the subprime mortgage crisis and fears of a recession have triggered not only a decline in corporate legal work but also litigation, a practice area that typically gathers steam in down
economies. “The current downturn has thus far been a ‘perfect storm’” for law firms, according to Hildebrandt and Citi.

Many firms will increase revenue and profits by only modest amounts in 2008, and “some firms will be down a lot in 2008, with decreases in income,” predicts consultant Brad Hildebrandt.

Few firms have so far resorted to layoffs or other drastic cost cutting, in part because many experienced healthy growth in 2007, consultants and lawyers say. But layoffs raise another concern: if attorneys are laid off en masse, firms may be caught flat footed when demand for their services picks up again.

But firms are likely to become more ruthless about “weeding out those attorneys who are not performing as well as they should,” says Mr. Hildebrandt. Firms may be particularly apt to prune at the partner level, even though partner firing were once rare, because partners are costlier and sometimes less productive than more junior lawyers, says Dan DiPietro, of Citi Private Bank.

Will Vegas see a similar pruning of lower billing associates? Has the economy affected the Vegas firms yet? Let me know if you're job is cutting back on perks or laying off associates: nevadalegal@gmail.com