SLAUGHTER & MAY BOOSTS BONUSES
Slaughter and May has announced pay rises for all its associates and increased its firm-wide bonus for both fee earners and support staff, reports The Lawyer. The firm's end-of-year bonus will equate to 8 per cent of salary, in contrast to the 5 per cent paid in 2009. Support staff will receive a bonus of 3 per cent of salary, up from 2.5 per cent. All of the firm's bonuses will be paid out in December.
CLIFFORD CHANCE TO REPEAT PARTNER VOTE
Clifford Chance is going to repeat the first round of its senior partner elections due to a glitch in the firm's partnership deed, according to legalweek.com. The firm's partnership deed does not state that the contender receiving the least amount of votes in the first round is obliged to withdraw from the race. All three partners in the running were asked to reconsider their position after the stalemate, but none chose to stand down.
HAMMONDS TO LOSE ITS NAME
International law firm Hammonds may have to say goodbye to its name if the merger with Squire Sanders & Dempsey goes ahead, according to legalweek.com. The firm's name will be dropped completely in countries where Hammonds does not have an office, with the merged transatlantic firm to be known as Squire Sanders Hammonds in those jurisdictions where Hammonds has a presence, including the UK, Europe and Asia.
KILPATRICK STOCKTON TO MERGE WITH IP FIRM
US firm Kilpatrick Stockton confirmed it is to merge with boutique IP firm Townsend & Townsend & Crew, reports The Lawyer. From January 2011, the new firm will be called Kilpatrick Townsend & Stockton and will have around 650 lawyers in 17 offices across the US, Asia and Europe. The current chair of Kilpatrick Stockton, Bill Dorris, will take on the same role at Kilpatrick Townsend.
The current co-managing partner of Kilpatrick Stockton, Diane Prucino, and the chair of Townsend, Maureen Sheehy, will serve as co-managing partners of the new firm.
WRAGG & CO CUTS COSTS
Wragge & Co has managed to cut £6 million ($9.6 million) of costs over the 2009/10 financial year as a result of a £4 million ($6.4 million) reduction in staff costs, according to The Lawyer. The firm's staff costs fell to £40.4 million ($64.7 million) in 2009-10 from £44.1 million ($70.65 million) in the previous year, largely as a result of a fall in wages and salaries.
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