What do you get for $5 mill? DLA Piper's newest recruit
DLA Piper announced the hire of James Wareham, the former head of Paul, Hastings, Janofsky & Walker's global litigation practice, who joined the firm with an agreed salary of $5 million a year.
Commenting on the value of the new hire, DLA Piper global chairman Francis Burch said: "We saw [him] as a game-changing-type addition to the firm. ... I expect him to be doing really sophisticated lawyering involving top clients." Burch said that he expected Wareham to help the firm build up, among other things, its cross-border investigations and international arbitration practice.
Warham’s book of business is large and lucrative, and the total amount of work under his direction in 2008 was reportedly $53,522,372. With the global economic crisis his billings fell to $25,504,125 in 2009 and $23,691,488 in 2010.
Burch commented: "We're not buying revenue. We're bringing on a guy who we think has a lot of talent and understands what we're trying to do and potentially playing a leadership role [here] as he did at Paul Hastings." Burch adds, "We're not day traders, we're investors."
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