Posted Jul 25, 2013 12:37 pm CDT
Fried, Frank, Harris, Shriver & Jacobson is tapping a lawyer at Goldman Sachs Group to take over leadership of the firm.
David Greenwald, a former Fried Frank partner, is currently deputy general counsel and international general counsel at Goldman. At first, he will co-chair the firm with current chairperson Valerie Ford Jacob, report the Wall Street Journal Law Blog (sub. req.) and the New York Law Journal. He will take over as chairman in March 2015.
Jacob became chair of the firm in 2003 and was its longest serving leader, according to Greenwald. “Under her leadership the firm has grown and is well positioned for strong performance going forward,” he said in a statement.
According to the New York Law Journal, “Greenwald will face the challenges of falling profits and some partner departures.” The firm’s gross revenue declined 6.3 percent in 2012, to $444 million, and its revenue per lawyer dropped 2.6 percent, to $935,000. Its headcount dropped 3.8 percent.
Is the death of BigLaw overhyped?