Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Marketing the Law FirmLJN NewslettersNewsSections

Leadership in Law: What Causes a Big Firm to Implode?

By Timothy B. Corcoran
August 30, 2012

By now, we've all heard of the demise of Dewey LeBoeuf, the several-year-old combination of Dewey Ballantine and LeBoeuf Lamb Green & MacRae. Earlier this year, over the course of several months, various actions taken by the firm's partners, past partners, creditors and bankers led to a dissolution and bankruptcy filing with no prospect of revival. Yes, large law firm lawyers earn a lot of money, and yes the market currently has an oversupply of large law firm lawyers, but it's nonetheless extraordinarily sad when law firms implode.

Curiously, I've discussed this episode many times in recent months with large law firm lawyers, and while all feel badly for their comrades, almost without exception all feel their own firm is uniquely situated, collegial and immune from the sorts of things that led to Dewey's demise. Sadly, this isn't true. So what are the likely and repeatable root causes of such a debacle that other law firms should monitor?

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It Image

Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

A Lawyer's System for Active Reading Image

Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.

Protecting Innovation in the Cyber World from Patent Trolls Image

With trillions of dollars to keep watch over, the last thing we need is the distraction of costly litigation brought on by patent assertion entities (PAEs or "patent trolls"), companies that don't make any products but instead seek royalties by asserting their patents against those who do make products.