At Dewey, One of the Powerful 'Steves' Wasn't a Practicing Lawyer; Did He Make $2M?
Professional managers are increasingly taking on more powerful roles at law firms, and Exhibit A is Dewey & LeBoeuf.
At Dewey, the executive director, Stephen DiCarmine, was a lawyer by training who became a legal administrator working closely with former chairman Steven Davis, the Wall Street Journal (sub. req.) reports. Known as “the Steves,” they oversaw compensation guarantees that paid some partners as much as $5 million a year.
Reuters and the New York Times DealBook blog report that DiCarmine was fired last week, though Reuters says he has about two weeks to leave. Both stories rely on unnamed sources who say DiCarmine has hired a criminal defense lawyer. DiCarmine has not been accused of any wrongdoing; he did not return Reuters’ phone calls seeking comment.
A prior Wall Street Journal (sub. req.) story suggests DiCarmine was well paid for his efforts. According to the article, “Even nonpartner managers, such as Mr. DiCarmine, were able to cut deals that pulled in $2 million a year, current and former partners say.”
Recent announcements by two law firms highlight the prominent roles being assumed by nonlawyer managers. Pepper Hamilton and Brownstein Hyatt Farber Schreck have hired nonlawyers as chief executives who will oversee firm strategies and supervise lawyers.
The CEO of Brownstein Hyatt, Blane Prescott, will set partner compensation and work on business development, the Wall Street Journal says. Pepper Hamilton CEO Scott Green tells the publication that practice group and department heads report to him, though he doesn’t get involved with the practice of law.
