More Economic Problems at BigLaw?
Prof. Larry Ribstein comments here about the recent defection of two rainmakers from the Skadden Arps law firm to Kirkland & Ellis as indicative of another "wheel falling off the big law model." His post is thought-provoking for anyone interested in, or impacted by, law firm economics in the current economic maelstrom.
the economy is a mess and biglaw is certainly hurting, but these partners switching firms is not compelling evidence of either. both skadden and K&E are massive firms. this is just a case of one big firm that it doing well in this environment (bc of its strong bankruptcy practice) poaching partners from a competitor. if these two left skadden for a firm outside the amlaw 50 or even outside the amlaw 10, then maybe this would be news.