By Julius Melnitzer | September 3, 2024
EARN $50,000: BRING US A LAWYER
A&O Shearman, Kirkland & Ellis, Goodwin, and Paul Weiss are among the law firms offering their junior lawyers US$50,000 to refer acquaintances as possible hires. According to Financial Times, referral bonuses as part of recruitment strategy have been around for awhile, but the payouts started increasing in 2021 “in a frenzied market for mergers and acquisitions.” Top law firms are apparently also paying junior lawyers six-figure signing and retention bonuses.
Related Article: Profit malaise, hiring cuts at Big Law
BERESKIN & PARR, SMART & BIGGAR MERGE FOLLOWING $82.5 MILLION IPH BUYOUT
IPH Limited, a global provider of intellectual property services in more than 25 countries, has acquired Canadian IP firm Bereskin & Parr for $82.5 milllion. Bereskin will merge with Smart & Biggar, already a member of the IPH network, and will operate under the Smart & Biggar banner. The Bereskin acquisition represents IPH’s fourth acquisition in Canada.
Related Article: Stuart Wood assumes Canadian Regional CEO role at international IP network IPH Group
LAWYERS PAYING RANSOMWARE
With cyberattacks against UK law firms up 77% – from 538 to 954 – a global survey reveals that at least eight firms have paid ransomware in recent years. According to a study by chartered accountants Lubbock Fine reported in The Law Society Gazette, criminals see law firms as ‘prime targets’ because of the sensitive information they retain. The National Cyber Security Centre claims that cyberattacks have impacted nearly three quarters of the UK’s top 100 law firms.
Related Article: Are law firms paying ransomware?
REGULATOR: LONG HOURS ARE ‘SYSTEMIC BARRIER’ TO EDI EFFORTS
The UK’s Legal Services Board has recommended that regulators taken on the long-hours working culture that permeates the profession because it represents a ‘systemic barrier’ to equality, diversity and inclusion. As reported in The Law Society Gazette, the LSB’s report claims that without mitigation of this culture, “. . . disabled people and those with caring responsibilities or long-term health conditions will always remain at a disadvantage.”
Related Article: Remote lawyering: longer hours: CLIO survey
NEW STANDARD FOR PARENTAL LEAVE
Harrison Goddard Foote, a leading European intellectual property firm, has announced a parental leave policy that will let parents, irrespective of gender, take a year off with 26 weeks at full pay so long as they have one year of service by the expected week of the child’s arrival. According to The Law Society Gazette, those eligible will also “be able to spread leave and pay to suit their personal circumstances” and have their billing targets adjusted pro-rata. How well this works out remains to be seen: when London firm Silkin Lewis adopted a similar policy earlier this year, ” . . . take-up was low due to the complexity of the system”.
Related Article: Feds settle class action, compensating 1,700 who became ill on parental leave
Julius Melnitzer is a Toronto-based legal affairs writer, ghostwriter, writing coach and media trainer. Readers can reach him at [email protected] or https://legalwriter.net/contact.