"Nick Gravante's stunning departure from the firm he helped lead through a messy transition has put Boies Schiller Flexner's future in doubt, industry experts and sources close to the firm say." - Dylan Jackson, Law.com, December 4, 2020.
The death watch has begun.
That, of course, could hasten the collapse of Boies Schiller since clients could phase out or even bolt. New business would be difficult to attract. Talent will hesitate to even interview with the firm.
Meanwhile, as with the impending end of law firm Dewey & LeBoeuf, the media outfits are supercharged. If the end does come, there will be a New Yorker kind of autopsy as had been penned by James Stewart for Dewey & LeBoeuf. Meanwhile, there are hopes that those still working at Boies Schiller, both lawyers and staff, will leak to Abovethelaw and other media properties about what is happening and how dark is the mood.
Yes, Boies Schiller could pull out of the death spiral. Here are my 4 recommendations.
But, with the rumors of cash flow problems, bookmakers are unlikely to be betting on a turnaround, then a transformation.
For example, it would be difficult to find a merger partner. There is that famous quip from Lee Iacocca at a dinner for security analysts. Finally, his team was making progress in a turnaround for distressed Chrysler. One security analyst asked Iacocca why hadn't he sought out a merger. He answered: The girls don't dance with you when you're teetering on bankruptcy.
However, as crisis experts know, this kind of development opens the door for big brandnames to be made.
There will be the journalist with the internal sources at Boies Shiller who chronicles the final days and how the firm got there.
There will be the law firms such as Paul Weiss which could poach the last remaining tigers still roaming around the firm.
There will be the lawyer who, like reformer Martin Luther in 1517, posts a declaration about what is so wrong in defense law practices.
There will be the associate at Boies Schiller who gets the book contract to publish a tell-all. That could become unofficial required reading at law schools.
Yes, let the good times roll. Stars were made during the downward trajectory of Dewey & LeBoeuf. Among them had been David Lat at Abovethelaw. He didn't miss a move. Incidentally, page views on this blog soared.
Crisis is the mother of unusual success.
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