NLS

03/07/10 - Law Firms are Projected to Increase Business in Litigation and Restructuring

As reported by Northwestern University Law School's Center for Career Studies As the economy continues to adjust to last year’s downturn, transactional work has suffered. Areas hardest hit include M&A (-8%), general corporate (-9%), real estate (-13%) and capital markets (-14%). However, restructuring (up 18% in activity in Q3 2009) remains strong and growth has been experienced in litigation practices (+1.8%), as well. IP litigation was down at the start of the year but demand has risen in recent months, leaving year-to-date growth flat. In light of shifts in the demand for legal work, existing and new work is available. Areas in which law firm leaders expect to see the most revenue growth in 2010 are litigation and restructuring. It is believed that the Build America Bonds arising out of the stimulus package will lead to new bond work, as well as ancillary work connected to bond-related building projects. Similarly, as new regulations are approved, related work will grow within the law firms.

02/02/10 - Law Firms are Expected to Start Hiring in 2010

As reported in the Denver Business Journal Law firms likely will begin hiring cautiously in 2010, as the industry slowly recovers from a year that’s widely considered to have been the worst in decades. “The hiring situation is definitely looking much more positive than it was in January 2009,” said Mala Saraogi, director of placement services in Denver for Robert Half Legal, the legal staffing division of Robert Half International. “The economy is showing some nascent signs of recovery. Although law firms and legal departments are taking a cautious approach to adding staff, they’re definitely considering it. They’re leaning toward contract staffing just because they’re waiting for consistency in business ... but when they see more consistency, they’ll be more amenable to direct hires.”

01/02/10 - Texas Cities Listed in the Top 20 Best for Finding a Job

Austin ranked No. 10 on a list the best cities for finding a job. Job-search engine Juju.com compiled the ranking by dividing the number of unemployed in 50 metros, as reported by the Bureau of Labor Statistics, by the number of jobs in Juju’s online index. Austin came in just below San Antonio, which ranked 9th best job market in the nation. Houston was the lowest of Texas cities on the list at No. 24, while Dallas came in 17th. The top five cities were Washington D.C., San Jose, Calif., Baltimore, Boston and New York.

11/06/09 - When the Economy is Down, Business Lawsuits Rise

As reported by the Denver Business Journal: Businesses are facing and filing more lawsuits these days, a situation that may intensify over the next year. People fight harder for their position when the economys down, said Bob Miller, a partner at Perkins Coie LLP in Denver who specializes in complex commercial litigation. Nationwide, 42 percent of corporate counsel say they expect their companies to face increased litigation over the next 12 months, compared with 34 percent who expressed that opinion in the previous year, according to a survey released this month by Houston-based law firm Fulbright & Jaworski. Eighty-three percent of the lawyers surveyed said new litigation had been filed against their companies in the past year, up from 79 percent the previous year. Most of the increase is coming in bankruptcy, contracts and labor/employment areas, according to the survey; more modest increases were cited in intellectual property, insurance and regulatory actions.

10/13/09 - Report: Texas Economy Poised for Rebound

As reported by the Dallas Business Journal - The Texas economy is predicted to begin a slow, steady recovery in 2010, according to an economic report released Monday. After a small contraction in 2009, the state’s gross domestic product is expected to increase by 1.7 percent in 2010, aided in part by a surge in home sales, according to economists with BBVA Compass. The GDP of the entire country, by contrast, is predicted to increase by only 0.2 percent next year. The bank’s U.S. Regional Watch third-quarter report released Monday, said that although the worst of the economic crisis has passed, fiscal pressures will affect some states more than others and dictate the pace of their recovery. Though 48 states predicted budget shortfalls at the beginning of the year, with Texas projecting a 9.5 percent deficit, it is the only state among the seven Sun Belt states covered by BBVA Compass to forecast a balanced budget in 2010. “Texas has fared the best with revenue growth exceeding the U.S. average,” the report said. “The higher than average growth throughout 2008 could be one of the reasons that Texas is better positioned with a smaller than average budget gap going into FY2010 and no expected gap for FY2011.” The report also said that Texas will benefit the most from funding through the federal government stimulus program, considering the amount of money to be received by the state equates to its entire 2009 budget shortfall. Although the commercial real estate market is expected to face difficulties into 2010, home sales across Texas are predicted to increase by 4.5 percent in 2010 after declining by 12 percent by the end of 2009. The report compared the outlook for the seven states within the BBVA Compass Sun Belt footprint — Texas, California, Alabama, Arizona, Colorado, Florida and New Mexico. BBVA Compass is the U.S. banking arm of Spanish financial services giant Banco Bilbao Vizcaya Argentaria SA. The holding company for BBVA’s U.S. operations is based in Houston.

09/13/09 - Employer Survey: Talent Still Hard to Find

As reported by the Denver Business Journal - With many professionals looking for jobs, one would think hiring managers can take their pick of qualified candidates. Not so, according to a study of 501 hiring managers, which found that 44 percent of resumes presented to hiring managers are submitted by unqualified applicants. The 2009 EDGE Report also found that 47 percent of hiring managers cited under-qualified applicants as their most common hiring challenge. Two-thirds, or 68 percent, of managers surveyed said they were willing to cut pay, hours and benefits to avoid losing talent through layoffs, while 36 percent said they would rehire people who were laid off. About 61 percent said they are willing to pay for qualified candidates and would negotiate higher compensation if that meant getting the right person for the job. While the job market remains ultra competitive, more than half of the managers surveyed said they plan to hire full-time employees in the next year.

08/02/09 - Law Firms Leaders Feeling Less Grim About the Future

A June 2009 survey conducted by Law.com shows that law firm leaders feel the economy is stabilizing and could even improve over the next six months, according to a survey from Citi Private Bank. About two-thirds of the 133 managing partners or chairmen surveyed said the economy is the same or better than six months ago, and 59 percent expect a stable or improving economy over the next six months.

06/17/09 - Healthcare and Family Law Practices See an Increase Even with the Economic Downturn

Unlike in other practice areas, client demand in the health care arena is rising, mainly because companies want to prepare for the Obama administration's anticipated health care overhaul. As a result, firms are recruiting corporate, regulatory and transactional lawyers who have experience with health care, pharmaceutical, biotechnology and medical device industries. Attorneys have also been busy advising clients on M&A activity, as the health care industry hasn't been as affected as others by financing issues. The economy has family law attorneys working double-time as hard financial times are wreaking havoc on America's broken families. Lawyers who specialize in divorce and custody disputes say they have witnessed a flood of activity in family courts in recent months. "This is a great time for wealthy people to get divorced because their assets are down," says Lynne Gold-Bikin, who heads the family law practice at Philadelphia's Weber Gallagher Simpson Stapleton Fires & Newby.

05/11/09 - Top 10 Interview Questions for Young Associates

1. Why are you interested in this firm? 2. Why are you leaving your current firm? 3. Why did you go to law school? 4. Do you think your grades are an accurate reflection of the work you do as an attorney? 5. What would you say is your greatest weakness? 6. Tell us about a recent mistake that you have made and what you did to correct it. 7. What do you do for fun? 8. If you don't get hired by this firm, what will you do? 9. Do you have any questions for us? 10. Where do you see yourself in 5 or 10 years? It is always a good idea to ask for the job, if you are interested, before leaving. Finally, one should follow up with a hand-written thank you note after the interview.

04/13/09 - Staffing Companies Match People to Jobs Every Day

On an average day in 2008, U.S. staffing companies employed 2.66 million workers,according to the American Staffing Association quarterly employment and sales survey. Over the course of 2008, staffing firms hired an estimated 11.2 million temporary and contract employees. Law firms and corporations see temporary staffing as a way to "get the job done" while they wait on the economy to strengthen in order to hire permanent employees again.