In completely expected news yesterday, the remaining Howrey partnership has voted to wind up the much-abandoned firm, which now has only days left to exist.
According to a press release from the reeling firm, a "disappointing financial performance over the past two years" - and the subsequent exodus of almost half the partnership - meant "an orderly wind down of the firm's activities over time was the only practical alternative". According to reports from within the firm, the dissolution vote - held on Wednesday - required a supermajority of 85%. The result reveals the desperation of the remaining rump.
Just a couple of years ago, the firm employed over 650 lawyers who pushed global PEP up 30% between 2007 and 2008. However, 2009 saw revenue plunge by 30% and - the contagion starting in Europe but swiftly spreading to the US offices - teams of lawyers started fleeing the foundering ship.
In total, over 140 partners have left Howrey - out of a peak of about 300 - taking fortunate associates with them. The defections continued up until the vote itself, with the London office being left with a single partner and four other lawyers as other firms swooped. Anyone left behind now is trapped in the maelstrom of a failed firm racing down the crapper.
The firm is expected to cease to exist on 15 March. Nothing beside remains round the decay of that colossal wreck.
Tip Off ROF
According to a press release from the reeling firm, a "disappointing financial performance over the past two years" - and the subsequent exodus of almost half the partnership - meant "an orderly wind down of the firm's activities over time was the only practical alternative". According to reports from within the firm, the dissolution vote - held on Wednesday - required a supermajority of 85%. The result reveals the desperation of the remaining rump.
Just a couple of years ago, the firm employed over 650 lawyers who pushed global PEP up 30% between 2007 and 2008. However, 2009 saw revenue plunge by 30% and - the contagion starting in Europe but swiftly spreading to the US offices - teams of lawyers started fleeing the foundering ship.
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Scenes as the remaining Howrey partners discuss the dissolution vote |
In total, over 140 partners have left Howrey - out of a peak of about 300 - taking fortunate associates with them. The defections continued up until the vote itself, with the London office being left with a single partner and four other lawyers as other firms swooped. Anyone left behind now is trapped in the maelstrom of a failed firm racing down the crapper.
The firm is expected to cease to exist on 15 March. Nothing beside remains round the decay of that colossal wreck.