ATL reports that two Skadden litigators are leaving that monument to law firm profitability to form a new firm with a DC boutique. One of the lawyers also “will become the CEO of Corporate Risk Advisors, a multi-disciplinary consulting firm providing services to the financial services industry.”
ATL says “Time will tell, but it doesn't look like Skadden associates should read too much into these departures.”
I don’t know about Skadden in particular, but this move has significant implications for Big Law. As I’ve been saying, here, the model of law firm as worker coop highly leveraged by the inverted pyramid of associate leverage is doomed. The associates no longer can pay the stars enough to make them stay.
When it starts happening even at a firm like Skadden, you know, notwithstanding comforting noises by law firm managers, and deep in your heart, that I’m right.
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