AmLaw Daily just ran an article about Howrey's collapse. Not much in the way of new information, but it does have a nice observation about Howrey management's lack of credibility:
That leads to a final lesson: leadership requires credibility. Only two weeks before the remarkable joint message from [Bobby] Ruyak and [Winston] Fitzgerald, Howrey spokespersons insisted that all was well: "The amount of costs taken out of the firm at all levels--which includes leases, partners, associates, and the like leaving the firm--have made the firm much more efficient," vice-chairman Sean Boland said. "It's done wonders for our cost structure, such that we're going to see some major advantages in 2011. We're very encouraged by the cost cutting that we've done."
Likewise, one of the firm's outside consultants said that the firm was "getting back to its strengths. What's happening at Howrey is largely by design."
Maybe so. But from this distance, the parade of top partner departures and Ruyak's involvement in Winston's outstanding offers make the design appear curious, indeed.
Uh, huh. I am less charitable than AmLaw Daily and will just call it BS.