Network Firm News

Sunday, June 29, 2003

Lessons Learned from the Fall of Brobeck
Peter D. Zeughauser -- The American Lawyer -- 05-01-2003
Zeughauser opines:
-- Brobeck increased its head count at a rate that until then was unthinkable.
-- Within the firm, there appears to have been a serious failure to communicate.
-- A firm with a history of strong leaders suddenly found itself without one.
-- Brobeck acted much too slowly to cut overhead after the dot bomb.
-- Oversized debt, real estate, and staffing obligations.
-- Firm leaders allowed the financial crisis to drive a deep, vicious wedge into the partnership, forcing partners to take sides.
-- At a time when the firm would have benefited from the deliberative efforts of a massive group of talented lawyers, a smaller group took matters into its own hands.
-- Law firms shouldn't carry big debts in an era of unprecedented cherry-picking.
-- Brobeck was killed by the same thing that had killed firms before it: books of business walking out the door. Powerful partners with big books of business found greener pastures elsewhere, taking their clients with them.

Firm Blogs

Health Law Rx HR Defense
TN Labor Talk
IP Law Alert News Real Property and Environmental Law E-Discovery Law Alerts Employment Law Alerts
AL Appellate Watch White Collar Wire (Twitter)
Litigation Law IP Law
Affordable Housing Energy and Environment Hot Topics in the Middle Market Legal Diagnostics Life Sciences NP Privacy Partner Taxes
Professional Liability Midwest HOA Longterm Care Defense Missouri Property Tax Fire Science Law CPA Law Employer Law Bad Faith Physician Law Trucking Defense Wealth Planning
SWIPLit Emerging Business Labor & Employment and the Law