K&L's Move To Open Its Books Puts Pressure On Peer Firms

Law360, New York (March 4, 2013, 7:01 PM EST) -- The legal industry "has nothing to fear" from releasing detailed financial reports, according to K&L Gates LLP's chairman, whose pledge to keep his firm's accounting books open regardless of the numbers has put the onus on other firm leaders to reconsider public disclosures.

The firm recently broke from industry tradition of putting out limited — or in some cases, zero — year-end financial numbers, posting on its website a detailed balance sheet including revenues, cash balances, bank debt, pension obligation percentages and even revenues by region....
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