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Missed a clutch opportunity for 'Howrey going to dissolve'Wholigan wrote:http://amlawdaily.typepad.com/amlawdail ... -vote.html
No big shocker, but it's official.
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I have heard different explanations of why Howrey fell apart. Most of them focus on over rapid expansion, too much expensive office space (maybe same as the first one) and conflicts preventing some of the acquired european offices from taking on clients they wanted to have.Ruyak attributed Howrey's problems in part to an over reliance on contingency fees and the outsourcing of discovery work to third-party vendors.
I do wonder about the outsourcing of doc review as a partial reason a biglaw firm collapses.
Once doc review moved to India, the firm couldn't charge as much and couldn't keep its cash flow? Does that make sense? Is this just an excuse for the real problem of terrible leadership at the top of the firm (which I think it is) or could this income issue be something all biglaw firms have to address?
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