A very bad year - can Howrey turn the corner?
In late March, at a meeting during Howrey's partner retreat at the luxe Ritz-Carlton in Key Biscayne, Florida, a Brussels antitrust partner, Stephen Mavroghenis, lobbed a series of questions at firm management: why, he asked, had the previous year's financial forecasts been so off? And could management assure him that the 2010 projection would be any more accurate? Mavroghenis and others had reason to feel concerned. The firm's spectacular dive in profitability in 2009 had come as an unpleasant shock. As late as just before the Christmas holidays last year, 10 former and current partners say, Howrey chief executive and chair Robert Ruyak had reassured them that the firm was likely to come in under estimates - at most, 10% under the $1m (£622,000) profits per equity partner (PEP) target set the previous March.
Howrey’s profitability dropped dramatically in 2009, leaving partners questioning if management could get its 2010 forecast right. Julie Triedman reports on the firm’s attempt to turn the corner
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