Fixed-fee law firm throws out the clock

The billable hour might want to watch its back.

J.M. Ramey and Wythe Michael left Hirschler Fleisher at end of 2009 and started their own business law practice. The firm, Ramey|Michael Business Law Group PC, is abandoning the stopwatch, instead charging clients based on arranged fees for services.

“We will consider what we think will go into the work and then set a fee. If we miss, that’s our problem, not the client’s problem,” said Ramey, 40. Read more

The Herd: Arrivals and departures for 1.06.2010

Sports:
The Flying Squirrels added a manager and a pitching and hitting coach.

Andy Skeels will make his Double-A managerial debut in the spring. He spent the 2009 season with the San Jose Giants (Advanced-A – California League), where he led the club to a 93-47 record. The 44-year-old also spent time as a manager or coach with the Los Angeles Dodgers (1999), Texas Rangers (2000) and Montreal Expos (2002-04) organizations. A former catcher, Skeels was originally selected by the San Diego Padres in the seventh round of the 1987 draft and played parts of 12 seasons in the minor leagues with the Padres, New York Yankees and Dodgers.

Ross Grimsley has been named pitching coach. Grimsley, who was a National League All-Star, enters his 12th season in the Giants organization. A former first-round pick of the Cincinnati Reds in the 1969 draft, Grimsley spent 11 seasons pitching in the Major Leagues with several different teams. Read more

You might be an entrepreneur if …

Warning: Entrepreneurship may be hereditary.

Two of the three panelists at a discussion held by Troutman Sanders on Wednesday are the sons of entrepreneurs. Read more

Local creditors line up in Capmark filing

Twenty-four creditors of a national commercial real estate lender that recently filed bankruptcy are in Richmond.

It’s not clear yet whether payments to those companies will be delayed or reduced, which can happen in a Chapter 11 bankruptcy case.

This week, Capmark Financial Group filed for Chapter 11 bankruptcy protection.
The company is a leading lender to developers of office towers, strip malls, hotels and multi-family properties.

The lender listed assets of $20.1 billion and liabilities of $21 billion as of June 30 in the filing. Last month the Pennsylvania-based company posted a quarterly loss of $1.6 billion amid rising defaults on commercial mortgages. Read more

Tides turning in race for campaign cash

Richmond-based companies and business associations gave more to Democrat Creigh Deeds than to Republican Bob McDonnell during the most recent round of fund-raising.

Deeds raised $152,500 between July 1 and August 31 from Richmond area businesses and groups. McDonnell raised $120,000 from area businesses and groups, falling behind Deeds for the first time since the campaign started.

But McDonnell still tops Deeds in the overall race for cash, $561,604 to $326,220. Read more

McDonnell still leads fundraising from Richmond businesses

Republican Bob McDonnell is still raising more cash from the Richmond business community, but Democratic candidate Sen. Creigh Deeds has been busy playing catch-up.

Deeds received more than $130,000 from local companies and trade associations in second-quarter fundraising, according the Virginia Public Access Project. Large donations from Verizon ($50,000) and Altria ($25,000) came rolling in after Deeds won the primary. Read more

Law firm layoff rumors run rampant, but bark worse than bite

Urban myths always spread the same way. And with 4,030 lawyers practicing in Richmond, Henrico and Chesterfield, the local legal scene is about the size of a big high school, which makes the rumor mill that much fiercer. Read more