Howrey Axes 25, Seeks More Capital From Partners

Law360, New York (April 20, 2009, 12:00 AM EDT) -- As the economic crisis continues to strap law firms for cash, Howrey LLP has eliminated 25 secretarial positions and asked its Level I partial equity partners to pony up capital for the first time and equity partners to up their own contributions.

A portion of the firm's Level I partners' pay has always depended on its financial performance, but Howrey hasn't needed capital from these partners until now, spokeswoman Christine Till told Law360.

"We have been experiencing great growth over the last few years and are...
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