July 19, 2015
Lew Rose, firm managing partner, was quoted in the Wall Street Journal article “Law Firms Take Shears to Debt Loads.” The article asserts that following the high profile collapse of Dewey & LeBoeuf LLP, due in part to $250 million in debt, law firms are leaning on their partners for cash in times of need rather than relying on bank debt. In general, firms have become more financially cautious when considering expansion, lateral hiring and taking on any bank debt. Discussing Kelley Drye’s financially conservative approach, Rose said, “Every one of us has had a friend at some other law firm that has blown up. We all say, ‘Hey, that could have been us very easily,’ right?”
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