An odd puzzle is taking shape in the labor market: Over the past three years, the number of job openings has risen almost 50 percent, but actual hiring has gone up by less than 5 percent. Companies are advertising a lot more jobs, in other words, but not filling them.
At least 11 lawyers announced departures from New York law firm Dewey & LeBoeuf LLP yesterday, pushing the total to more than 80 in recent months, as the firm continues to work toward an agreement with banks about the deadline for a line of credit.
Dewey & LeBoeuf LLP, which has lost more than a third of its partners in recent weeks, saw its merger and acquisition chief and a team of London litigators depart as the price of its bonds slumped in private trades.
Despite having almost the same rate of revenue growth, the second-hundred wealthiest American law firms are managing their business differently in one significant way: They are bolstering their lawyer count, which is in sharp contrast to the top 100 most-profitable law firms in the country, according to an annual survey by the American Lawyer Magazine.
Simpson Thacher & Bartlett LLP is representing Nielsen Holdings NV, the biggest tracker of U.S. television ratings, which agreed to buy Arbitron Inc. for about $1.26 billion in cash to gain access to the largest source of data on the country’s radio listeners. Morrison & Foerster LLP served as legal adviser to Arbitron.
Dewey & LeBoeuf LLP, which is trying to stay out of bankruptcy by collecting bills to pay lenders, didn’t tell some senior executives the extent of guaranteed pay packages, said the firm’s former real estate group chairman.