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."
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