Fascinating article. Those debt levels are stunning.
I wonder if borrowing money to repay partners for capital expenses was in part a desperation move, intended to keep even more partners from leaving the firm.
I found this paragraph scary:
Quote:
Originally posted by Tyrone_Slothrop
Brobeck had budgeted for 1,844 hours for each attorney in 2002. By September, the firm had downgraded its year-end projection to 1,519 hours, according to an internal document. It's not clear where the actual year-end number landed.
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Consider this: not only did projected hours/attorney drop, but the number of attorneys dropped -- by a few hundred, if I'm not mistaken.
Sidd(my, how our world here has changed)Finch
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