It’s the “anxious season” for partners awaiting news of how their BigLaw firms did financially last year.
And that anxiety hasn’t been helped by recent news reports about struggling partners and firms, according to the Am Law Daily (sub. req.).
Such developments include the Chapter 7 bankruptcy of a BigLaw partner, due in part to a $10,000-a-month alimony and child support payment, and the planned dissolution of a storied 500-attorney Canadian firm—whose co-founder said it was doing fine financially, just not as well as partners wanted it to.
Early financial reports from some firms show modest financial gains, or even losses, writes Aric Press, who serves as ALM’s editor-in-chief, in an article that discusses how the legal publisher puts together its annual survey of major law firms based in the U.S.
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