Howrey takes shears to partnership following drop in profits

Howrey is taking the shears to its partnership ranks following a 35 per cent drop in equity partner profits in 2009. Between 25 and 30 partners are expected to leave the firm in the coming months – the majority from US offices. The affected partners – a group made up of equity and non-equity partners that accounts for around 10 per cent of Howrey’s total partnership – have already been informed of the restructuring measures. Robert Ruyak, Howrey's managing partner and chief executive, said: "After an internal assessment we decided that we need to tighten up and be strong by focusing on our core areas. We added a number of partners laterally during the last part of 2009 and thus far in 2010, while a similar number are departing for firms and practices that should be a better fit for them. We do not expect the partnership to be substantially different in size by the end of the year to what it is now."

Howrey takes shears to partnership following drop in profits legalweek.com Thu, Mar 11, 2010