While failed law firms make for notoriously difficult bankrupty cases, Dewey & LeBoeuf's time in bankruptcy court was quicker and easier than other notable law firms.
Joe Samet, head of restructuring at Baker & McKenzie, and Al Togut, founding partner at Togut, Segal & Segal, talk with Bloomberg Law's Lee Pacchia about why Dewey's case went so smoothly compared to others; the prospects for other large law firm failures; and how managing partners can keep their firms out of bankruptcy....
A survey of the readers of the Adam Smith, Esq. law firm management blog has found that there is widespread agreement that law firms have to change their fundamental business models, consultant Bruce MacEwen tells Bloomberg Law's Lee Pacchia.
But lawyers have real doubts that law firms will be willing to invest the money necessary to compete with legal process outsourcers, or even know how to compete in a changing legal profession, he says.