After spending weeks watching the Dewey & LeBoeuf criminal trial unfold, I’m left wondering whether big-firm partners shouldn’t be longing for the “everyone-decides-everything” ethic of old-school partnerships.
Some of you will recall those days, when at many firms all equity partners had a say in everything, from securing a line of credit to deciding the color of the library’s wallpaper. It’s impractical, I know, for a global firm with lawyers in umpteen far-flung locations to make decisions this way. A more corporate approach—investing a few with decision-making authority—probably makes good, rational sense.
