By now, there are quite a few stories in the "real" press that have announced Howrey's death. Most of them cite ridiculous reasons for the demise of Howrey, such as quotes from Ruyak about variability in firm profits, the lack of patience of Howrey partners for contingency work to pan out, the economic downturn, and my personal favorite, the rise of third party discovery companies. One would simply think that things took a turn for the worse over the last two years, and KA-BOOM!
But a real journalist would dig in a little bit by speaking with Howrey partners who left over the years to ask them why they left Howrey. Everything would tend to point toward one person: Bob Ruyak, and not any of the horse shit cited by the "real" press in its recent coverage of Howrey. Other than Above the Law, which has done an admirable job of keeping up.
I would like to send my kudos to a commenter to a story this morning on the WSJ's law blog. The comment captures the exact reasons why Howrey collapsed:
Nothing Ruyak says is true. Take his interviews with a pinch of salt. The reasons he gives in interview or in press release are nonsense. He should have said that Howrey failed “because of my own incompetent management, my inability and pig headed unwillingness to address the economic effects of the recession in time, my deluded belief that the Howrey business model immunised the firm from economic downtrun, the uncontrolled dumping of unproductive partner and associate capacity in contingency work, the control of all information and decision making that I exercised until it was too late. And of course the abject failure of my partners to replace me when it became clear that I couldn’t tell the difference between reality and fantasy”
Come on "real" journalists. There's a real story out there. Grow a pair and report about it.