K&L Breaks Industry Ranks With Detailed Financial Report

Law360, New York (February 21, 2013, 7:07 PM EST) -- K&L Gates LLP broke ranks with other major law firms on Thursday by publishing detailed financial figures, citing a need for transparency in the wake of the demise of Dewey & LeBoeuf LLP and saying it was "embarrassed" to be in the same industry as the now-defunct megafirm.

The report gives a far more nuanced look at the books of the Pittsburgh-based firm than is typically made available, and comes as firm finances are under sharp scrutiny since the Dewey bankruptcy in May 2012.

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