Over the last month we have seen venerable Heller dissolve and predict Thacher Proffitt and Thelen are not far behind; relentless attorney hemorrhaging at these firms has already reached the top ranks with Thacher’s Vice Chairman joining Greenberg Traurig and Thelen’s Chairman reportedly in lateral discussions with Howrey.
As this economic tsusami shows no sign of slowing down, practitioners in counter-cyclical areas such as bankruptcy and white collar criminal law are once again in great demand, reminiscent of the last cataclysmic downturn at the turn of the millenium when the dot-com bubble burst and Enron collapsed. But when is the ideal time for bankruptcy and criminal defense attorneys to start exploring their options?
It’s a given that a law firm partner with sufficient portable business can always find another firm to host his or her practice. But what is “sufficient” for whom? And what is the present value of your practice today vis-a-vis before the storm? Are there any players who are willing, ready and able to pay a significant premium for the certain revenue you may bring to them in what promises to be a trying 2009 for purposes of the Am Law revenue charts? Who are these firms and how much may they be willing to pay you for such certainty in precarious times?
If you are an associate asking yourself how to land another job in the midst of this meltdown, take solace in the fact that you are in great company. As in all times of economic calamity, there are great deals for those buyers willing to let go of some money earned in easier times. The trick is…
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