When Mayer Brown Rowe & Maw took the unusual step of appointing what was effectively a three-man committee to run the firm on the impending retirement of current chairman Ty Fahner, I noted that to many this would smack of fudge. I also noted that, despite a legacy of ambitious expansion under Fahner’s watch, the firm’s profits lagged behind those of its main Chicago rivals (see blog).
Last week the firm signalled its determination to close the gap between it and Kirkland & Ellis and Sidley Austin by removing 45 partners from its equity, equivalent to around 10% of the partnership.
