May 17, 2012 2
Jerry Maguire, Dewey & LeBoeuf and the future of law practice
In the opening scenes of “Jerry Maguire,” the main character, a self-described “shark in a suit” sports agent, has an epiphany and types out a “mission statement” that he then distributes to all the other agents in his firm. He titles it “The Things We Think But Do Not Say” and writes his agency should re-focus on client service and relationships with the players it represents and ultimately become an agency that represents fewer clients and makes less money.
When he walks through the room for the first time after his mission statement has been distributed, his colleagues all start clapping. While Jerry basks in his colleagues’ applause, one leans to another and says that Jerry will probably last only another week at the agency. If you’ve seen the movie, then you know that Jerry is fired shortly after distributing his mission statement and that his own words (“Fewer clients. Less money.”) are used against him by the man who fires him — the wonderfully named Bob Sugar.
I mention Jerry Maguire as a way into what has happened at mega-firm Dewey & LeBoeuf LLP in recent weeks and what is means for everyone who practices law. As you have probably read, Dewey & LeBoeuf will almost certainly be forced to close its doors in a matter of days. Most of the partners have jumped ship to other mega firms. For a time, all employees were rumored to have lost their health benefits due to the firm’s inability to pay its carrier. Its former managing partner is being investigated by the New York District Attorney.
As I understand it, the firm’s downfall was caused in no small part by guaranteed payouts to partners based upon their past ability to generate work. The New York Times has called Dewey & LeBoeuf a cautionary tale and has suggested — much like Jerry Maguire — that it is “time for lawyers to reshape corporate practice so they make less money, have time to serve other legal needs and approach their work with the independence that would make them true professionals.”


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