NEWS ARCHIVE:

Salary Wars Cool for Fund CCOs, Says Lord

Michael Lord was recently quoted in the Compliance Reporter about how CCOs and compliance staff are increasingly considering factors other than salaries when changing jobs. He commented on one recent lateral move where a VP of compliance accepted an offer for a $5,000 pay hike because "the new fund offered more lucrative growth opportunities."

Gurman admitted to the Harvard Club

Andrew Gurman was elected a member of The Harvard Club of New York City on January 4, 2008. Andrew graduated from Harvard Law School in 2001. Among other activities at the Club, Andrew will join the Lawyers Group, and will attend monthly meetings to discuss a variety of legal topics.

Lord quoted in November issue of Crain’s

Crain’s published an article about the credit crunch squeezing out top-line legal work. The article, published in the annual “Business of Law” Section, quoted Michael Lord in connection with the downturn in the real estate market, particularly mortgage- backed securities. Lord said, “The bottom really fell out of this sector.”

Crain's New York Business Quotes Michael Lord

Some small firm practitioners are moving to large, elite New York City law firms in a trend examined by Crain’s New York Business in its September 10, 2007 edition. Usually occurring in busy practice areas like real estate or securities, Lord called some of these job moves "head-scratchers." He explained, "I'm not saying they're bad lawyers, but based on their credentials on paper, the thought of candidate A going to firm B just leaves you scratching your head and wondering how that happened."

Compliance Salaries Sizzle, Says Lord

Compliance officer salaries continue to rise according to a recent September 2007 issue of the Compliance Reporter, an Institutional Investor publication. The reason is simple: regulatory demands are up and supply of qualified compliance staff is down. According to Lord, "While pay of all levels of compliance officers will go up, the top levels are where demand is strongest and supply most competitive."

Gurman and Lord Play
in Charity Tennis Tournament

Andrew Gurman and Michael Lord played in a recent charity tennis tournament to support Special Olympics athletes. Michael Lord and Company also gives back to the community through its support of A Better Chance, an organization that gives academically talented, inner-city high school students the opportunity to attend some of the nation's finest public schools; and Minds Matter, a program that provides motivated inner-city students with mentors who help them achieve excellent academic performance and enhance their educational opportunities.

Lord Receives Award from NALSC

Michael Lord received an award for his service and leadership as a member of the Board of Directors of the National Association of Legal Search Consultants (NALSC). Lord served as co-chairman of the communications committee where he was active in informing members about NALSC events and topics related to legal recruiting. Lord served a three-year term on the Board of Directors, which concluded at the NALSC Annual Conference held in Dana Point, California May 10-12, 2007.

Crain's New York Business Quotes Michael Lord

In a March 2007 edition of Crain's New York Business, the paper ran a story on immigration law. The focus of the story was that larger firms, for the most part, shunned the practice and small firms and individual practitioners were doing the lion's share of immigration work. "Large firms really don't like getting into this practice area and only do this work as a courtesy to corporate clients," Lord commented, "Most firms prefer to grow their business in transactional practices like M&A, where the margins are larger."

Lord & Company
Sponsored Charity Tennis Tournament

Lord and Company sponsored the Kennedy Funding Invitational, a professional tennis tournament whose proceeds are donated to the breast care center at Englewood Hospital and Medical Center. The tournament took place July 11-15 2007 at the Dellwood Country Club in New City, New York. It featured top American players and a special appearance by Pete Sampras. For more information, log on to www.thekennedyinvitational.com.

IA Week Quotes Michael Lord in Jan. 22, 2007 ed.

Investment Adviser Week, a weekly publication on regulatory news and best practices, published a 2006 Salary Survey for compliance officers. The paper reports of increasing salaries and bonuses for hedge fund compliance officers, but Lord predicted that regulatory deceleration will likely cause compensation to plateau in future years.

Michael Lord Cited in Four 2006
Editions of Crain's New York Business

In an October 30, 2006 special report on the “Business of Law,” Lord said that large New York City law firms have to keep pace with attorney salary increases even if it reduces firm profitability. Otherwise, law firms risk attorney attrition. “You never want to lose your associates, especially the mid-level ones,” says Lord, “They’re gold.” Click to read full article: Wage, rent hikes eat profits even as legal market grows.

The May 22, 2006 edition talks about the indictment of Milberg Weiss and states:

The indictment of class-action law firm Milberg Weiss Bershad & Schulman could shake up the competitive landscape among plaintiffs' firms. New York rivals such as Bernstein Litowitz Berger & Grossman and Labaton Sucharow & Rudoff could gain lead counsel status in more suits, says legal expert Michael Lord. "With one less significant competitor, other firms will definitely gain market share," he says. It will also encourage more class action rainmakers to set up their own shops.

The May 1, 2006 edition published an article about New York City’s most profitable law firms. Recent statistics show that partners at ten New York City law firms are paid in excess of $2 million. Lord provided a context for the increase in partner profits, citing both a good environment for deal making and hot practices like M&A, structured finance, securities, and real estate. Click here to read the article.

The February 13, 2006 edition published an article entitled “Pay Soars for Legal Eagles.” Lord was interviewed regarding the rising base pay rate for first-year associates offered by some California firms. Lord says the fact that California firms are ready to embrace the hikes is a sign that there will be a lot of pressure on New York firms to also raise first-year base pay rates. To view the article, please click here [PDF].

Lord Featured in Compliance Reporter

The July 3, 2006 edition of the Compliance Reporter reported that there is a growing trend of CCOs returning to investment advisers from hedge funds. Basing his remarks on the court decision overturning the SEC's rule requiring hedge funds to be registered, Recruiter Michael Lord believes this trend will continue because hedge funds will look to cut salaries and overhead in an attempt to increase profits. Said Lord, "The culture at hedge funds is that they have to make money. Anything that interferes with that is bad, and anything that helps that is good."

In the June 26, 2006 edition, Michael Lord was quoted regarding the need for investment advisors to offer their young compliance staff various job responsibilities in order to boost retention. Lord said, "It is very difficult to keep good, young, smart, aggressive compliance people stuck on one type of surveillance."

In the June 12, 2006 edition, Michael Lord was quoted about the salary ranges for compliance officers who oversee technology. The article reveals that investment banks have been hiring increasing numbers of compliance officers for higher salaries than ever before.

Page 1 of the March 27, 2006 edition of the Compliance Reporter featured a quote and photograph of Michael Lord, and attributed him with the "Quote of the Week." The article describes the ideal profile of a compliance officer working at a hedge fund.

Lord Mentioned in Corporate Counsel Article

Corporate Counsel Magazine’s January 2006 edition published an article entitled "New Sheriffs in Town," which discusses the trend of GCs and CCOs being hired by hedge funds. Lord said that the influx of hiring has resulted in higher GC and CCO salaries, some rising to $1 million annually. The other effect has been that hedge fund practice groups at major law firms have lost numerous quality associates to these hedge funds. The article can be read here.

Compliance Reporter Quotes Lord
about Rising Salaries

The December 12th, 2005 edition of Institutional Investor’s Compliance Reporter quoted Michael Lord about the increasing salaries for legal and compliance officers at New York broker/dealers and hedge funds. Lord said that bonuses equal 25%-35% of base salaries and sometimes even reach 50%. The article is titled, “Bonuses Up for B/D, Hedge Fund Compliance Officers.”

Lord Quoted in Article about Giuliani’s Law Firm

In an article entitled "Guiliani-brand law in NY" which appeared on Page 3 of the November 14th, 2005 edition of Crain's New York Business, Michael Lord was interviewed regarding the former Mayor's recent affiliation with the law firm of Bracewell & Giuliani. The focus of the article was whether Giuliani's hiring would make it easier for the firm to attract partners with a book of business to join the New York City office. Remarking that Giuliani's reputation will definitely open doors for potential interviews with other rainmakers, Lord said, however, that "it won't guarantee new clients or new hires." To view the article, please click here.

New Address for Connecticut Office;
Manhattan Office Remains at 245 Fifth Avenue

Michael Lord & Company has relocated its Connecticut office to 237 Danbury Road, Wilton, Connecticut 06897 as of January 1, 2006. The new space allows the company to expand to meet continued client demand for attorney placement services. The company’s New York City office will remain at 245 Fifth Avenue, Suite 901, New York, New York 10016. All phone numbers and email addresses remain the same except the fax number, which has been changed to 646.390.8466.

LegalWeek Magazine quotes Michael Lord

London-based LegalWeek magazine published a story examining the financial health of general counsel in the United States. The September 5, 2005 article said that in-house counsel are now under more pressure than ever to perform and are therefore being rewarded with more healthy pay packages than ever. Lord said: "In the past, people went in-house because it was a more comfortable environment where they did not necessarily have to bring in business." But, said Lord, “General counsel are now under as much pressure or more than law firm partners" and that various "factors [which] affect the bottom line will likely affect the compensation of the general counsel." The entire article can be viewed here. LegalWeek is the premier publisher of news and analysis for lawyers in the UK.

Crain’s New York Business Quotes Michael Lord
in July & August 2005 editions

In the "At Deadline" column of the August 22, 2005 edition of Crain’s New York Business, recruiter Michael Lord was interviewed about the break up of Coudert Brothers. Lord said: "Coudert has a terrific international presence, and a lot of firms are clamoring for that now." In another article appearing on Page 2 of the July 18, 2005 edition, Lord was quoted in a featured story about the growing trend of federal prosecutors leaving the US Attorneys office to fill lucrative jobs at private law firms.

New York State Bar Association
Invites Michael Lord to Speak at Conference

The New York State Bar Association held its Fourth Annual Career Development Conference on January 24, 2005 and invited Michael Lord to speak before a group of attorneys at the Marriott Marquis in Manhattan. The topic of the panel discussion was the “Effective Use of Placement Agencies.” Lord, a former attorney, discussed the advantages of using a placement agency. He offered a comprehensive review of how the use of placement agencies can enhance the job search process. The discussion was followed by an informal Q&A period in which Lord advised audience members about resume writing, interview techniques, and how to change practice areas as a lateral candidate.

Michael Lord Moderates Panel at NALSC Seminar

Michael Lord moderated a panel of recruiting managers from five major law firms at a seminar in New York City sponsored by the National Association of Legal Search Consultants (“NALSC”). The theme of the conference was “Makin’ it in the Big Apple.” Senior-level recruiting managers from Bingham McCutchen, Greenberg Traurig, Heller Ehrman, Reed Smith and Orrick, Herrington & Sutcliffe discussed the various ways in which their respective firms — all based outside of New York City — have been able to grow and prosper in the competitive New York City legal market. Lord led discussions about partner and associate retention and the role firm rankings play in lateral hiring.

Michael Lord quoted in
Institutional Investor’s Compliance Reporter

Michael Lord, President of the legal search firm Michael Lord & Company, gained recognition for his expanding practice in recruiting legal and compliance professionals. He was quoted in two recent editions of the Institutional Investor’s Compliance Reporter, the most trusted source for legal and compliance news in the securities industry. In the article entitled “Private Practitioners Flock To Compliance Posts” (September 3, 2004), Lord commented that “with the Oct. 5 deadline requiring firms to have chief compliance officers fast approaching, law firm attorneys are departing for in-house roles at funds.” The result, said Lord, is that “law firms will be left scrambling to hire talented hedge fund lawyers.”

In the August 13, 2004 edition, Mr. Lord commented on the increasing salaries of Chief Compliance Officers in a market dominated by new regulations on Wall Street. “The increased salaries for CCOs,” said Lord, “is a result of economic supply and demand. The number of CCOs with experience has remained the same while the number of vacancies has increased.”

Michael Lord Begins Print Campaign with American Lawyer Media

Michael Lord & Company launched its print advertising campaign in the October/November 2004 publication of Law Firm, Inc., a magazine published by American Lawyer Media (the publisher of the New York Law Journal). The advertisement, a copy of which can be seen here, will appear in an article regarding the lateral hiring market. Law Firm, Inc. provides law firms with information and practical advice on a wide variety of business, operations, and management issues, and is distributed to executive directors, marketing directors, and recruiting directors at many of the major law firms in the United States.