After 18% Pay Cut, Layoffs, Defections, Etc., Revamped Ruden McClosky Is Now 'Poised to Grow'
Hit hard by the recession and the crash of the real estate market, a South Florida law firm made layoffs, saw mass defections in some offices and instituted an 18 percent across-the-board pay cut during the past two years to get back on a more solid financial footing.
But now those efforts are paying off, and Ruden McClosky is looking to add three new senior associates to its 85-attorney roster, soon-to-be managing partner Michael Krul tells the Daily Report in an article reprinted in New York Lawyer (reg. req.).
“We’re stronger and leaner heading into 2011,” says Krul. “We will make budget. We’re doing fine; we’re poised to grow.”
Krul currently chairs the corporate and finance department of the firm, which reduced the size of its management committee earlier this month in order to free up four partners to bill more time.
As of next year, he will become co-managing partner, along with current managing partner Carl Schuster during a transition year. Then, the following year, Krul will run the firm himself.
Related coverage:
ABAJournal.com: “Troubled Ruden McClosky May Have to Make New Partner to Meet Credit Line Rule”
