Another great blog from one of my favourites, The Belly of the Beast, on the current ‘struggle’ at Dewey & LeBoeuf which has claimed 80 partners since the start of 2012 and has the London partners in talks to put the office here into administration (see The Lawyer).
In the Beast’s view, “partnerships aren’t really partnerships anymore”. He cites the 20-1 spread in partner earnings as a key corrosive effect in the firm’s current dire condition.
“Those at the top of most big law firms function with far greater independence than corporate CEOs who must answer to a board of directors and shareholders,” he says. “In many big firms, a growing internal wealth gap reinforces the hubris of senior leaders who answer to no one — except each other. With Dewey’s disintegration, we’re seeing where that can lead.”
Worth a read.