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In March, The American Lawyer ran a cover story about a prestigious national law firm that found itself mired in legal and ethical problems even as it enjoyed unparalleled growth and economic success. The article asks: Are the firm's great strengths ' enterprise, speed, and daring ' also its great flaw?
Similar articles have been written many times before, but were of less interest to lawyers because the firm in question was usually an accounting firm. It's hard to find a major accounting firm that hasn't experienced explosive growth and outstanding financial performance coupled with scandal. Indeed, defending accounting firms against criminal and quasi-criminal charges and investigations has become a growth industry for law firms.
Now, it seems, law firms are having some of the same problems. As The Wall Street Journal reported in a front-page article on March 30, a major national firm is actually dissolving in conjunction with a settlement to avoid prosecution. More than one top-drawer law firm with a proud past of unquestioned integrity has found itself facing serious accusations of corruption and criminality in the wake of robust growth and financial performance.
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