Mayer Brown Chairman Answers His Critics
Mayer Brown chairman Jim Holzhauer says he expects the drop in 2008 partner profits at his law firm won’t be as bad as the naysayers suggest.
Holzhauer, who took over the job in 2007, told the National Law Journal he expects profits will slide by only 12 percent. That’s much lower than the 25 percent drop expected by some partners who spoke anonymously to the publication.
“Being down 12 percent in this economy is something that isn’t that hard to take,” Holzhauer told the NLJ.
Holzhauer also addressed criticism that the firm’s loss of 15 partners since August was due in part to poor communication between managers and other partners. One former partner told the legal newspaper that the firm’s merger talks with Heller Ehrman, later abandoned, came as a surprise, as did the firm’s decision to lay off 33 lawyers in the United States and another 11 in London.
Holzhauer said recent lawyer losses were due to either normal attrition, retirements or partners being asked to leave, the story reports. “Attrition is probably higher than normal at most firms right now because of the economic times, but I think it is normal attrition from what we’ve experienced,” he told the NLJ.
He said confidentiality was needed during merger talks with Heller, but acknowledged some communications challenges because the firm has so many offices. In an effort to address the problem, management holds monthly partner meetings in person or through videoconferencing.
