January 2, 2008
2008 Holiday Schedule
Our survey of large law firms shows that they are planning to schedule the following holidays for this year:
Tuesday, January 01, 2008 New Years Day
Monday, January 21, 2008 Martin Luther King Day
Monday, May 26, 2008 Memorial Day
Friday, July 04, 2008 Independence Day
Monday, September 01, 2008 Labor Day
Thursday, November 27, 2008 Thanksgiving
Friday, November 28, 2008 Day after Thanksgiving
Thursday, December 25, 2008 Christmas Day
Friday, Decemer 26, 2008 Day after Christmas
Several firms indicated that the decision has not yet been made regarding the day after Christmas but most felt it would at least be a skeleton staff day. The most common additional holidays offered by firms (primarily firms in Washington) are:
Monday, February 18, 2008 President's Day
Monday, October 13, 2008 Columbus Day
Tuesday, November 11, 2008 Veteran's Day
Wage Gap
For several years we have noticed that there appears to be no significant difference in salaries paid to men and women in senior law firm management positions despite the much publicized “Wage Gap” in which women earn less than men. A recent study has confirmed our observations and, in fact, shows that in the 20 to 30 year age bracket, women out earn men by as much as 17 percent in New York City and 20 percent in Dallas. The study by Queens College in New York shows, however, that women’s gains in their 20’s reverses itself as they enter their 30’s. Further, the gains are solely in major metropolitan areas and men in all age groups tend to be paid more outside large cities. In large measure, the salaries of professional women, particularly lawyers and consultants are believed to have played a big role in this gain. Executive Physicals
Twenty years ago many law firms routinely provided executive physicals for partners and senior staff managers as a paid for and, sometimes, mandatory benefit. Perhaps due to confidentiality issues or the fact that health insurance plans pay for less of the costs, these annual physicals fell out of favor in recent years. Now, as the first of the baby boomers become increasingly aware of their mortality, firms are reestablishing the executive physical as a benefit. Costing between $2,000 and $5,000 the physicals can be performed in special facilities at top hospitals such as the Cleveland Clinic, Mayo Clinic and Duke Medical Center, but there are more luxurious options including the Greenbrier Resort in West Virginia. Now the top medical institutions are teaming with some of the best spas in the world to create truly deluxe physicals. The California Health & Longevity Institute is located in a Four Seasons hotel near Los Angeles and the Cleveland Clinic has teamed up with the Canyon Ranch Spa in Tucson. For a unique experience, Concierge Medicine offers a Presidential Physical which is a one-day program designed to be identical to the annual physical President Bush receives. Part-Time Lawyers
Although 98 percent of large U.S. law firms report that they offer part-time schedules for their lawyers, only 5.4 percent of lawyers in private practice in 2007 were working part-time and 75 percent of them were women. Associates are more likely to be working part-time (4.8%) than partners (3.0%) but other lawyers such as of counsel or staff associates had the highest rate at over 19 percent. This information is available through an analysis performed by NALP and reported on December 5, 2007.
Part-time Work at Law Firms in 2007
Despite the general availability of part-time arrangements in law firms, the situation is different for entry-level lawyers. Of law firms offering part-time arrangements, 56 percent preclude entry level lawyers and only 9 percent of firms made part-time arrangements available to all lawyers without qualification. For a city by city breakdown of the availability and usage of part-time lawyer opportunities, send an email to Bob Lang at bob@LRGLLC.com. Pregnancy Announcements
Expect future pregnant workers to routinely announce their condition earlier. A survey of 600 new mothers performed by Church & Dwight, a manufacturer of pregnancy tests, found that one-third told their employers during the first trimester. This is seen to be especially true with the under-25 set who have been dubbed the “Look at Me Generation” due to their willingness to expose intimate details of their lives on social-networking websites. The earlier than traditional announcement will provide employers with a longer opportunity to plan for maternity leave work accommodations. But it also presents the greater risk of biases within a law firm. The bottom line for law firms is clearer policies and in-house training on the treatment and work assignment to pregnant lawyers and staff members.
A secondary issue that has been reported to us is the potential bereavement issues around the miscarriage of a pregnancy that is announced in the first trimester. Approximately 15% of pregnancies miscarry in the first 12 weeks compared to 1% after 12 weeks. Earlier announcement raises bereavement and counseling issues that traditionally have gone without the firm’s knowledge or involvement. Leap Year Payroll
Law firms that pay on a weekly or bi-weekly basis understand that every seven years they will have to plan for an extra payroll. The year in which it occurs is a function of their payroll schedule and the day of the week on which people get paid (since 365 divided by 7 days results in there being 52 of each day of the week in a year plus one extra day). But in a leap year (which 2008 is) there are two extra days doubling the risk for an extra payday. Fortunately, the extra days in 2008 fall on Tuesday and Wednesday which are not typical paydays. In 2004 the extra days were Thursday and Friday which are far more common paydays. But we can relax, since the next Thursday and Friday combination will not occur until 2032. Retiree Health Benefits
A problem for law firms has been the ability to provide health insurance for partners and employees who retire early without violating the Age Discrimination in Employment Act. Under the act, the cost of medical benefits offered to Medicare-eligible retirees must be the same as health benefits provided to retirees who are younger than 65. But last week, after a harsh battle with the AARP, the EEOC adopted new rules permitting differing benefits for retirees based on their eligibility for Medicare. The problem, of course, is that early retirees have difficulty obtaining private health insurance if not affiliated with an employer group but are not eligible for Medicare. The AARP has appealed the 3rd Circuit ruling that permits the rule change to the U.S. Supreme Court. Low 401(k) Participation
A new Federal report notes that only 36 percent of all workers participate in an employer offered defined contribution plan and the median account balance of those employees who do participate is only $22,800. Legal Resource Group LLC specializes in serving the executive and administrative recruiting needs of law firms. We maintain the largest data base of law firm executive and Administrative staff in the world. This allows us to immediately identify the very best candidates. We find the best people, complete searches faster and have extremely reasonable fees. For further information, visit our website at www.LRGLLC.com , contact us by e-mail at inquiries@LRGLLC.com or by phone at 1-800-688-4147.
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