Current Events

According to the Oct 30, 2006 issue of BusinessWeek, CEOs make an average annual salary of $10.5 million, or 369 times the annual salary of the average worker at $28,310.

That’s about what Former Enron CEO Jeff Skilling is paying his lawyer, David Petrocelli, for legal fees over the last 5 years. According to BusinessWeek, Skilling put $23 million in a trust for legal fees. Petrocelli then got an additional $17 million from insurers for liability coverage. And Petrocelli’s law firm, O’Melveny & Myers, is billing an additional $30 million for the rest of the team of 12 lawyers, 5 paralegals, and at least a dozen temporary staffers. continue

On May 2, the UK proposed a draft bill that will allow law firms to partner with other business services firms like accountants, private equity firms, banks, and consultants. UK law firms see great entrepreneurial and growth potential - including the ability to raise private equity or be listed on a stock exchange. continue