A massive transformation is taking place at elite litigation powerhouse Boies Schiller Flexner.
Over the past six months, more than 30 partners have exited the firm, which was founded by superlawyer David Boies — best known for his role in cases like Bush v. Gore and the fight for same-sex marriage rights.
Business Insider spoke with more than 50 people, including current and former Boies Schiller attorneys, about the key issues behind the turnover, and events that help explain the firm’s shrinking.
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In a Ritz-Carlton banquet hall in December 2019, famed trial attorney David Boies made a proposal to his law partners that caught a number of them off guard.
Speaking in front of about 150 lawyers at his law firm’s annual partner meeting in Key Biscayne, Florida, Boies suggested changing the firm’s compensation formula, according to five people with direct knowledge of the matter.
The change would have cut how much partners earned from their own hourly fees, which was how some lawyers — namely, those responsible for doing the ground work on cases — earned seven-figure paychecks without generating their own clients.
Instead, more money would go to satisfy top rainmakers, with a …read more
Source:: Businessinsider – Finance