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.
Four lawyers with expertise advising on large-firm dissolutions–but no personal knowledge of Howrey matters–point to the spate of partner departures from the firm as supporting their belief that Howrey may be in a dire situation. In just the past few weeks, the firm has lost seven partners, with five joining Morgan, Lewis & Bockius and others jumping to Dewey & LeBoeuf and Venable.
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