Want to get this daily news briefing by email? Here’s the sign-up.


SO LONG, PARTNER  – It’s never really a good time to be an unproductive law firm partner, but right now it’s particularly tough to justify. As Dylan Jackson reports, many firms are looking for ways to “right-size” as economic turmoil stalls profits—and that often means “counseling out” equity and nonequity partners, many of whom are in the hard-hit corporate space. “Those conversations are happening. I know it,” said Peter Zeughauser, a law firm management consultant at the Zeughauser Group. ”We’ve talked to some of our clients about it. It’s going to pick up steam.” And while removing an attorney from a firm’s partnership used to require a partner-wide vote and supermajority, legal industry experts said many firms have amended their partnership agreements in recent years to allow for partners to be removed by an executive or management committee vote. Those firms are now taking advantage of that streamlined process.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]