Anonymous User wrote:
The best thing Dewey can do is get the hell off ATL ASAP. They have lost like 5 partners. This is a firm that has revenues approaching $1b. I think they can survive the loss of a handful of partners even if those partners have nice books. However, the longer they are on ATL, the more the rumor mill turns, the worse it looks. Have they posted FY2011 revenue figures?
An incoming Dewey SA should work hard at this semester and bust their hump over the summer. Unfortunately those are the only two things in your control. Any dreams of jumping ship to another firm right now are unlikely, that ship sailed in like August.
All the ATL/TLS (especially TLS) talk is 100% conjecture. Nobody knows what is going on. Read the awesome article in the Washingtonian about the downfall of Howrey. These downfalls happen because of the decisions of like 3 people at the top, not because of a few partner defections below.
Well, a few things:
(1) 14 partners, by the publicly reported count. Including several office and practice group heads. At some firms, these people can have disproportionate ($10m+) books. Not saying they all do, but it's nothing to sneeze at.
(2) The bigger concern than the partner departures is the assertion that Dewey does not have enough cash to pay its partner guarantees. There's a word for businesses that can't meet their obligations with their cashflow: insolvent. If true (and I'm not saying it is), this is really serious since it will lead to many more partners jumping.
(3) Most accounts of Howrey's fall (including the American Lawyer's, which is great) talk about the stupid decisions of 3 people at the top, which then led to the widespread departure of important partners
. Firms fail because work dries up. More often than not, work dries up because the partners with the work leave, not because they all of a sudden stop being good lawyers.
But I agree that people should wait until Dewey posts results, and that there's not much you can do at this point as a 2L except wait it out until 3L OCI.