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Baker & McKenzie's Profits Fall 17 Percent
Law Firm News |
2009/08/14 16:08
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According to The American Lawyer, Baker & McKenzie reported Friday that global revenue declined 3 percent to $2.11 billion and profits per partner fell a more significant 17 percent to $992,000 in fiscal year 2009, bringing an end to a four-year period over which the firm experienced consecutive double-digit revenue growth and an 85 percent increase in profits.
While Chicago-based Baker & McKenzie, which generated 66 percent of its fees outside the United States, highlighted the role currency exchange rates played in the falling benchmarks for fiscal year 2009, management admitted the economic downturn negatively impacted the firm's financial performance.
"The financial crisis progressed into an economic recession that has been very challenging for our clients, for all law firms and for us," said John Conroy, chairman of the firm's executive committee. According to Conroy, the impact of the economic downturn has been muted by the firm's proactive efforts, beginning more than eight months ago, to engage clients and adjust to their legal needs. This has included expanding the firm's restructuring practice.
Other practice areas helped hold up the firm's bottom line. Labor and employment, intellectual property and tax remained resilient throughout the downturn, Conroy says. |
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Wilson Sonsini Names New CEO
Law Firm News |
2009/08/13 16:36
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The Recorder reports that Wilson Sonsini Goodrich & Rosati has reached into its core for its new chief executive. The firm announced Tuesday that corporate rainmaker Steven Bochner would be taking over from partner John Roos, who was confirmed as US ambassador to Japan last week. The partnership voted unanimously Monday. Observers say it's a natural pick. "The soul of what the firm does is corporate," San Francisco recruiter Gary Davis said. "Steven happens to be one of the more beloved partners, accomplished in his own regard." |
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White & Case Advises On Tender Offer And Consent Solicitation By SRE Group
Law Firm News |
2009/08/04 16:10
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According to the firm's website, global law firm White & Case LLP advised Deutsche Bank AG, Singapore Branch as sole dealer manager in an all-cash, fixed-price tender offer and consent solicitation by SRE Group Limited, formerly known as Shanghai Real Estate Limited. SRE Group is a real estate development company specializing in property and land development and building construction. Its real estate business is concentrated in Shanghai.
SRE Group launched the tender offer and consent solicitation for its 8.625% Guaranteed Senior Notes due 2013 on June 6, 2009. As of the expiration of the tender offer and consent solicitation, approximately 79.1 percent of the holders of the notes delivered their consents, and 64.3 percent tendered their notes. SRE Group funded the tender offer and consent solicitation from the proceeds of a top-up equity placement and issuance of convertible bonds. |
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Workplace Bullying Worse Than Sexual Harassment: Study
Court Issues |
2009/08/03 20:01
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Whether it is belittling comments, persistent criticism or withholding resources, bullying at work is more harmful than sexual harassment, according to Canadian research done last year.
It is more difficult for employees to cope with bullying because they have nowhere to turn and no workplace policies or legislation to protect them compared to victims of sexual harassment. Their overall well-being is worse, they are more stressed, angry, anxious, less committed and more likely to quit.
"Bullying can be done in such an insidious way that unless you're the victim, other people don't even know its happening," Sandy Hershcovis, of the University of Manitoba in Winnipeg, said in an interview.
"Its really hard to get other people to understand or to try to report it."
If you have reported this type of problem in your workplace with no results, you should hire a labor and employment lawyer. Weinberg Law Firm can assist those in the Plato, Texas area with these problems. The employment attorneys of Weinberg Law Firm can also help with sexual harassment cases. Contact them to discuss your case. |
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