Update/Change, 2/3/11, 8:30 a.m. – The fifth paragraph of the original version of this article, which included a reference to the volume of work Howrey lawyers had at the end of 2010, has been removed from the story.

With Winston & Strawn extending offers to three-quarters of Howrey’s remaining partners, the likelihood that the struggling firm will breach its default covenants grows, law firm bankruptcy experts say. Liability issues for Winston and ex-Howrey partners may also be a concern.

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