Wed, 22 May 2013
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Dewey moots further management overhaul as current reshuffle gets underway
Sounds more like a palace coup with the junta sending the deposed leader into exile.
As for the purported increase in revenues and the increase in “billable value” is a metric that does not translate into cash in the bank. Some of these outstanding lawyers at Dewey have some real issues with regard to reporting on profits and profitability as discussed at http://kowalskiandassociatesblog.com/2012/03/26/dewey-think-we-are-watching-the-deconstruction-of-a-venerable-law-firm/ .
There have been some 44 BigLaw failures since Finley Kumble went under in 1988. They all follow certain patterns: The chairman paints a rosy picture of profitability and future prospects for the firm, often in the face of real declining profitability measured in the ordinary sense. Partners with real business continue to bail out. Management announces or leaks to the media that “those guys who left were no real loss to the firm.” Heavy hitters with real skin in the game bound in to grab the reins and attempt to instill confidence among the troupes and the lenders. Anxious negotiations with the firm’s lenders – with the lenders having become far less pliant than they were in years past. Downturns in collections and new matter openings. Attention to collections, new matters and firm business is distracted as partners and associates huddle behind closed doors. Further staff reductions. Talk of a merger. Failed merger discussions. Then, ….
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