In light of a recent report apparently revealing just how
much Dewey & LeBoeuf’s executive director and CFO were making before the firm went bust (Sara Randazzo, Suit Details Ex-Dewey Leaders’ Lucrative Pay Pacts, Am Law Daily, Dec. 1, 2013), I can’t imagine the conversations that
former Dewey clients are having with their supervisors.
We paid how much? How much of that actually went to firm overhead? What
was our return on investment? Actually, what I really can’t imagine are the
answers. Absolutely, I can understand the need and desire to pay high-end. All
sorts of clients need big-name lawyers and their accompanying big-time prices
for all types of legal assistance. But where’s the line between paying for the
gold standard and just opening the vault and letting your lawyers take whatever’s
in it?
Are six-year contracts worth $15.9 million apiece for an
executive director and a CFO too much? All I know is that if I were a corporate
client, I’d be asking my own lawyers a few questions about firm finances. If I
were Dewey’s competitors, I’d be ready for some answers and be more than
willing to explain why we are not them.
—Lori Tripoli
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