February 1, 2011 11:53 AM

Report: Winston Makes Offers to Most Howrey Partners

Posted by Account Deleted

Winston & Strawn made individual offers to a little more than three-quarters of Howrey partners over the weekend, sources close to the firm told sibling publication The Recorder on Monday. Those who received offers, according to The Recorder, were given 21 days to respond.

Those who did not get offers, The Recorder reports, "either have conflicts of interest or have signaled they're interested in other opportunities, according to a recruiter familiar with the offers."

One Northern California partner who confirmed receiving an offer told The Recorder that "he doesn't know what comes next and that 'there are so many questions.'"

Among the issues to be addressed, according to The Recorder: "What will be left of Howrey once lawyers have made up their mind about Winston, and what will happen with Howrey's debt if most partners who receive offers accept them and no formal merger with Winston is completed? (In typical merger agreements, an acquiring firm would take on the assets and liabilities of the target firm, but it remains unclear whether a Winston-Howrey merger is officially off the table.)"

Howrey chairman Robert Ruyak declined to comment to The Recorder on the Winston offers.

In other Howrey-related news...

--Sibling publication The Blog of Legal Times reported Monday on former partner Jennifer Dzwonczyk, who joined Venable on January 3, describing the scene at her former firm as "tumultuous."

--Patent litigator Henry Bunsow, who left Howrey earlier this month to join Dewey & LeBoeuf, tells The Washingtonian's Capital Comment Blog that profits-per-partner at the firm were $550,000 in 2010--down from $846,000 in 2009 and $1.3 million in 2008. A firm spokeswoman told The Washingtonian that the firm has not yet calculated profits-per-partner for 2010.

--The Chicago Tribune reports on Winston's move to hire Howrey partners as part of broader law firm "talent grab" unfolding in the Windy City. The Tribune also notes that Morgan, Lewis & Bockius is poised to announce that is has hired three Chicago-based Howrey partners.

 

•RELATED STORIES FROM THE AMERICAN LAWYER

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January 20, 2011

Howrey Vice-Chairman Heads to Dewey & LeBoeuf
January 18, 2011

The Story Behind Howrey's Very Bad Year
October 27, 2010

The Am Law 100: Alternative Fee Reality
May 13, 2010

Howrey's Looming Partner "Layoffs"
March 11, 2010

The Am Law 100: Howrey's PPP Plunges 35 Percent
February 22, 2010

 

 

 

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