Howrey Chairman tells partners to make up their minds

Howrey Chairman Bob Ruyak has asked partners with employment offers from Winston & Strawn - about three quarters of the partnership – to make up their minds quickly on where to go. A mass exodus might be problematic, since firms with secured lenders are usually bound by default covenants that are breached if a certain percentage of partners leave within a certain time frame. The specifics of any covenants are not known, but it is likely that Howrey is bound by such a covenant with Citibank, which could cause liability issues for the firm, ex-Howrey partners and even Winston & Strawn.

Howrey Chairman tells partners to make up their minds blogs.wsj.com Sun, Feb 6, 2011