Pre-2007, litigation conducted by BigLaw, not BigLaw itself, made the business pages. Now the business of law is all over the financial and business media. When Dewey & LeBoeuf went bankrupt from overexpansion as well as greed that interest intensified.
DAILY BUSINESS REVIEW reports that Greenberg Truarig is having a capital call. The law firm, contending there are no current financial problems, says it's a hedge against uncertainty. Depending on their annual compensation, partners will be contributing 1% to 5% of their earnings.
Should the legal sector be nervous about this move? What organization, including the Red Cross, isn't navigating uncertainty. However, not many of them ask stakeholders to pitch in more as a hedge. Maybe the folks at Abovethelaw.com will ferret out an associate who knows more than what the law firm is officially telling the media.