Date : 11-17-2008
Mayor Brown Tells Why Heller Merger was a No-Go
Initially, Chicago Law Firm Mayer Brown said conflicts of interest were the main reason its merger with Heller Ehrman fell through. But now the Recorder suggests it was canceled when the Wall Street meltdown occurred. Serving more that half of the world's investment banks, Mayer Brown clients were hit hard by the collapse. Heller Ehrman also had its share of problems, with the loss of 14 Heller intellectual property partners for Covington & Burling. Combining the hurdles each firm was facing, along with bad timing, Mayer dissolved the deal ending Heller's last chance of survival.
Smaller Firms Stay Safe in Economic Upheaval
While large law firms are forced to tighten their belts, firms with fewer than 100 lawyers are looking at the crisis with eyes of opportunity. As companies analyze their legal spending like never before, some Fortune 500 businesses are turning to smaller firms for legal counseling, since they are easier on the pocketbook. As a result of larger firms not hiring or are dissolving altogether, small firms are also gaining highly skilled attorneys who can no longer work for prestigious firms.
Arrogant Narcissists Often Lead Law Firms
This may be no surprise to some in the legal profession, but law firm leaders frequently possess big egos, and have a general indifference for the opinions of co-workers. Narcissistic leaders are not people-pleasers or followers; it is either ''my way or the highway.'' Consultant Douglas Richardson, with Altman Weil, says most individuals who choose the legal profession greatly illustrate traits of autonomy, skepticism, dispassionate analysis, and drive for personal achievement and recognition, their unspoken mantra being, ''If you want to see it done right, just watch me do it. I'm an expert.'' But don't be too hard on the narcissistic leader, as it is reported that while it is exiting to be at the top, it is often lonely.
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