BigLaw Firm Howrey LLP to dissolve

BigLaw Firm Howrey LLP to dissolveBigLaw Firm Howrey LLP to dissolveLaw firm Howrey LLP has announced that it will dissolve. An innovator in the legal industry, the firm had discarded lockstep compensation and enhanced its summer program with Howrey Bootcamp, an intense, lifelike mock trial during which summer associates learn to take a deposition, do a cross- and direct-examination and do opening and closing arguments. Howrey also established the First Tiera two-year program through which junior attorneys are limited to 700 hours of billable work and spend the remainder of their time training, shadowing attorneys and working at clients offices.But somewhere between its innovating, Howrey hit some bumps. According to Bob Ruyak, Chairman and CEO of Howrey, the firm had experienced disappointing financial performance over the past two years and subsequently several partners had resigned. Based on these troubles, Howreys partnership voted yesterday to dissolve as of March 15, 2010.This is a very difficult time for our firm, for our attorneys and for our staff, says Ruyak in the firms press release. Many of us have spent our entire legal careers at Howrey and remain proud of what we built. We find some solace in the fact that our people have been so well received by their new firms. They are first class professionals and deserve the respect accorded to leaders in their fields.The firm has established a dissolution committee and has retained Peter Gilhulywho also counseled Thelen on its dissolutionof Latham Watkins to handle the dissolution. Some Howrey partners will be transitioning to other firms like Sidley Austin, Perkins Coie, KL Kates, Dewey LeBoeuf and Winston Strawn (which originally was rumored to be hiring more Howrey attorneys than it actually is).But the firms mention of WARN letters in its press release reminds us that many will, no doubt, be without jobs as a result of Howreys dissolution. In a legal job market that is already struggling, its a sha me to see more additions to the unemployment pool.So were there any hints that Howrey would crumble? The firmwhich moved from 78 to 75 in the 2011 Vault Law 100 rankingscertainly received some positive feedback in last years Vault survey, with associates touting such positives as,The people and the collegial working environment, the flexibility for work (i.e., working at home), and the interesting and complex cases. Relaxed culture. No one cares when you are in or not just so long as the work that needs to get done is getting done. Friendly people and interesting work.But other associates complained about the following downersThe lack of visibility in decision-making and below-market compensation. Not enough work not a friendly place overall we get paid less than associates at other big firms we dont have much responsibility.Others had mixed feelings on the firm. One associate from Palo Alto described sufficient billable work despite the down market but little transparency in other areas In a tumultuous market, many colleagues have been able to stay busy on billable work that is both interesting and offers opportunities to develop new skills. The myriad of unknowns about individualized compensation, the new Tier 1 program, and often conflicting reports about the firms finances are regular distractions.Click here to read more about Howrey and its associates feedback in last years Vault survey.Howrey press release The Am Law Daily Source Above the Law Source Howrey siteHowrey Summer ProgramRead More Howreys First Tier so far, so good?FOLLOW VAULT LAW ON TWITTER VaultLaw