The 2015 Vault Law Firm 100 rankings are in. Considering this economy, it’s not surprising that litigation powerhouses are taking the lead.
Still fighting for the No. 1 and No. 2 spot, Wachtell, Lipton, Rosen & Katz takes the lead with Cravath, Swaine & Moore following suit. Although both firms excel at far more practice areas than litigation—including corporate, tax, and trusts and estates—lawsuits seem to be driving America or, at the very least, this list of top ranking firms.
Take, for example, Quinn Emanuel and Boies Schiller, who continued to ascend in the Vault Law 100 this year.
Quinn Emanuel first reached the Top 40 ranks in 2009, Top 25 in 2010. This year it is No. 15 this year. Renowned for its trial skills and ranked No. 1 for General Commercial Litigation in Vault’s 2014 rankings, survey respondents called the firm “innovative,” “intense,” “feared” and the “best litigation firm in the U.S.,” according to Above The Law Blog (ATL).
Quinn Emanuel’s litigation expertise is diverse, taking on all areas of litigation: products liability, appellate litigation, all types of class actions, clients can take their pick.
And, with lawsuits on the rise—patents, securities, employees, class action suits—there’s no wonder litigation firms are leaders of the pack.
All this just to say that even one-trick ponies aren’t just one-trick ponies; they have two, three, four practice areas up their sleeve.
And while the major New York-based firms continue to dominate, smaller firms can still make a name for themselves via innovation.
According to the Vault (and ATL), here are the Top 15 firms for 2015:
- Wachtell, Lipton, Rosen & Katz
- Cravath, Swaine & Moore
- Skadden, Arps, Slate, Meagher & Flom
- Sullivan & Cromwell
- Davis Polk & Wardwell
- Simpson Thacher & Bartlett
- Cleary Gottlieb Steen & Hamilton
- Weil, Gotshal & Manges
- Kirkland & Ellis
- Latham & Watkins
- Gibson Dunn & Crutcher
- Covington & Burling
- Boies, Schiller & Flexner
- Paul, Weiss, Rifkind, Wharton & Garrison
- Quinn Emanuel Urquhart & Sullivan
The full list is available here.
As litigants are increasingly in demand, it is no surprise that litigation support is increasingly desirable, as well.
A recent survey by ALM Legal Intelligence reveals that the hourly base pay for paralegals continues to rise. Salaries for paralegals, litigation support and docketing workers at both law firms and law departments, according to the ALM/IPMA Annual Compensation Survey for Paralegals and Managers, 2014 Edition, released yesterday, are all implicated.
Conducted annually since 2002, the 2014 survey included 298 law firms and law departments reporting on over 9,500 paralegal, litigation support, and docketing positions.
According to their findings, at law firms, the highest hourly-pay positions are Litigation Support/Technology/eDiscovery Manager at $79.66 and Paralegal Director at $76.42. Among law departments, Paralegal Supervisor was the highest paid position at $70.32, followed by Litigation Support/Technology/eDiscovery Director/ Manager at $65.35, reports the ALM.
Law firm paralegals, the largest group reported, increased average hourly base pay to $36.57 from $35.98 in 2013, while law department paralegal pay jumped to $34.30 from $31.46.
Law firm bonuses on average increased most noticeably for Paralegal Directors at $18,421, compared to $16,149 the prior year.
Specialists/Industry Analysts bonuses rose to $6,939 from $5,749. Law firm billing rates for paralegal positions increased an average of 4 percent.
If you’re a law firm manager, should you care?
Well, it may be that the salaries of your first-year associates look a lot more attractive as litigation support than ever before. And, your first “innovative” act as a climbing-the-ranks firm might be reevaluating traditional legal positions and finding alternative arrangements, instead.
Competition to the top has never been fiercer. Pony up!
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