"Boies Schiller Flexner over the summer promised to raise associate salaries so they would be on par with the Cravath, Swaine & Moore market rate, sources have told The American Lawyer, but the effective date of the increase has come and gone, and the firm has not paid out the promised salaries. Now, rumors are swirling around cash flow issues at the firm, sources say." - Dylan Jackson, Law.com, October 30, 2020.
Just last week, Boies Schiller had a moment in the sun - just like the good old days (before The Weinstein Problem and Partner Defections). One of its partners Sigrid McCauley had been selected as Litigator of the Year by American Lawyer. That was primarily for her work representing alleged Jeffrey Epstein victim Virginia Giuffre. Her homerun was achieving the public release of Ghislaine Maxwell's deposition.
That was then.
Now, what can actually kill off a firm is exactly what is happening to Boise Schiller. That is insider gossip about financial problems.
When that happens, prospects don't invite you to pitch. Clients get jittery. In legal-oriented settings such as the courtroom your lose the power of presence.
No surprise, the rumor itself, even if not true, can drive a law firm into ruin.
Boies Schiller will have to do some fast and skillful public relations work to assure its constituencies that its financial house is in order.
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