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Rumor has it that about 20 partners at Los Angeles’ O’Melveny & Myers were recently shown the door. Sources at the firm say it just isn’t true. What really happened was that managers had meetings with about a dozen attorneys regarding the size and scope of their practices, or the lack thereof. Reportedly no one at O’Melveny has been given walking papers yet this year. “It’s one of those facts of life,” says an O’Melveny attorney. “You have young partners who are anxious to see revenues increase.” In the past year, the gap widened between per partner draws at O’Melveny and the other two largest Los Angeles firms. O’Melveny & Myers partners took home $650,000 each, while at Latham & Watkins, profits per partner for fiscal year 1998 reached a stunning $914,000. Partner draws at Gibson, Dunn & Crutcher averaged $810,000.

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