Consultant: Howrey Didn't Have to Fail, Despite Low-Paid Partners; New Jobs for 18 More Lawyers
Howrey didn’t have to fail, a consultant tells the American Lawyer.
But low pay, as the firm’s income plummeted over the past two years, exacerbated a crisis in partner confidence that put the 55-year-old legal partnership into a death spiral.
Thus, although Howrey was on track to regain a solid financial footing, having made layoffs, restructured and established a back office in India for document management in 2008, and having already started with favorable leases, the firm’s partners weren’t on board with that plan as they headed for the exits.
Now, of course, it is all over except for the wind-up.
Among the latest moves being announced, as the firm’s remaining lawyers scramble to find a home following Howrey’s official last day on Tuesday, are a five-lawyer intellectual property and litigation team going to Morgan Lewis & Bockius.
It is headed by partners Romeo Quinto and Jason White.
A 13-lawyer patent litigation team has gone to Arnold & Porter.
It includes partners Edward Han, Jennifer Sklenar and Matthew Wolf.
ABAJournal.com: “As Howrey Closes, 32-Lawyer Team Heads to Baker Botts, Another 45 Go to Winston & Strawn”
ABAJournal.com: ” ‘Revolution of Rising Expectations’ Has Hurt Howrey, Where $600K PPP Was Once the Norm”
Updated at 12:45 p.m. to include information from Arnold & Porter press release.