When Your Law Firm Dissolves: How Not to Sink with the Ship

Reports of Howrey's upcoming dissolution raise an important question: what should associates at sinking firms do to save themselves? In the Am Law Daily's recent post on this topic, the consensus seemed to be to "[d]o what's best for yourself." Of course, doing what's best isn't always obvious. At what point should an associate make the call that his or her firm is in trouble and he or she should head for the exit?

It's a difficult question, and since associates aren't privy to partners' discussions on the economic stability of the firm, they can't receive a guarantee of the firm's failure until it actually happens. But if partners begin leaving in droves or there is talk of another firm swooping in to "rescue" your firm, you may want to start considering your options. Below are some tips based on the Am Law Daily's interviews with attorneys from now-dissolved law firms.

1. Ditch the loyalty. You may love your firm, but warm-and-fuzzies won't get you far if the firm dissolves. Scott Andrews, who worked as an associate at Heller Ehrman, "knew Heller was doomed," but he was "in a little bit of denial." And while his loyalty didn't leave him on the streets-Andrews landed a job at another firm about a month before Heller closed its doors-Andrews advises associates to push loyalty aside. "People at Heller trickled out for a long time, and those of us who had a strong belief in the firm stayed," he says. "That caused a lot of people to end up jobless, whereas they might have found something had they gone out earlier. It's hard to find a job when everyone else is looking."

For the full list of survival tips and guidance, follow this link to the complete post on Vault.com.

About Vault.com: Vault.com is the source of employer and education ratings, rankings and insight for highly credentialed, in-demand candidates. Vault's editorial mission is to empower candidates with unbiased research needed to evaluate the professions, industries and companies they aspire to join.

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