Law firm profits and lawyer productivity rebounded in 2010, but that was due mostly to cost cutting, according to the latest report from Citi Private Bank’s Law Firm Group.

A recent 3rd Circuit decision, in which a female partner was unable to sue for sex discrimination because she had voting rights and shared in firm profits, did little to change the law but much to bring to the fore the issue of parity between men and women lawyers.

A woman lawyer cannot sue her firm for sex discrimination if her status as a shareholder and director gives her the ability to participate in firm governance and a percentage of firm profits, the 3rd Circuit has ruled. The federal appeals court found that Alyson Kirleis, as a Class A shareholder, was unable to qualify as an employee under the multifactor test created by the U.S

Houston-based Lyondell Chemical is hoping that its yearlong Chapter 11 case is nearly over, after reaching a $450 million settlement with creditors this week.