In last week’s blog, we reviewed the dire circumstances faced by Kaye Scholer and Jenkens and Gilchrist that rendered the short-term survival of each questionable. Against significant odds, each resolved apparently unmanageable claims. But how? For both firms, the ability to face daunting claims yet live to another day is attributable to five key
Law Firm in Crisis: Staring Down the Catastrophic Claim (Part One)
From time to time, a law firm stares down a claim or series of claims that threaten the law firm’s very existence. These claims can arise from any number of circumstances but are potentially so large that an adverse outcome will exceed the firm’s resources and likely lead to its demise. Due to the fragility
Closing the Troubled Law Firm-Picking the Right Team
Closing a law firm is a formidable task. The existing management team, prepared for running a going concern, is often unprepared for the various challenges that arise as the firm is wound down. Even though it is advisable for a closing firm to obtain outside assistance, a small but dedicated group from the firm must
Five Indicators of Law Firm Trouble
Don’t waste your time trying to control the uncontrollable, or trying to solve the unsolvable, or think about what could have been. Instead, think about what you can control and solve the problem you can solve with the wisdom you have gained from both your victories and your defeats in the past. – David Mahoney
Video Interview: Discussing What Law Firms Can Learn from Dewey with LXBN TV
Following up on my recent post on the matter, I had the opportunity to discuss the lessons other law firms can learn from the Dewey LeBoeuf collapse and indictments with Colin O’Keefe of LXBN. In the video interview (click here), I explain what law firms can take away from the situation and
Dewey Indictments: A Tale of Leadership Collapse
A lot has been written about the indictments handed down against the former Dewey leadership. To review, they are accused of manipulating the Dewey books and falsely representing Dewey’s financial condition, presumably for the purpose of keeping the Dewey ship afloat when it started taking on water in 2008. Unfortunately for these former leaders and
Are Rotten Fish Spoiling Your Law Firm?
One bad apple spoils the whole bunch. Various
Seth Godin (who you might consider following if you don’t already) had a great and very short post recently.
The essence of the post, translated to law firm business, is:
You must routinely and relentlessly monitor the quality of the individuals that comprise your law
Dewey Indictments: A Lesson to be Learned
Last week’s indictments of four individuals formerly involved in Dewey LeBoeuf’s management reverberated through the legal industry. The reactions were varied. Some commentators surmised that the indicted were destined to such fate given the spectacular demise of Dewey. Others noted that the indictments were different since the alleged perpetrators gained no financial reward but
Above The Law – Below The Belt on PATTON BOGGS
Never look down on someone unless you are helping them up. J. Jackson
I have been troubled ever since I read the Above The Law article titled Dewey Know Why Patton Boggs Is Consulting A Top Bankruptcy Lawyer?
I have no issues with, and in fact support, probing the challenges and changes that
Closing the Troubled Law Firm: When is it Time to Say When?
History is littered with failed law firms. Dewey, Howrey, Thelen and most recently, the Canadian law firm Heenan Blaikie, succumbed for various reasons. In the case of most of these failed law firms, the decision to cease as a going concern was largely reactive as they fell apart at the seams. While