Firms Take Gamble With Guaranteed Contracts

Law360, New York (August 1, 2008, 12:00 AM EDT) -- Professional sports teams may be willing to shell out millions to attract superstars like Kobe Bryant and Tom Brady, but for law firms hoping to lure the rainmakers, guaranteed contracts may leave firms on the losing end if they are not careful.

After Cadwalader, Wickersham & Taft LLP laid off 96 attorneys in early August, grumblings began from those on the inside about lateral hires who were promised millions but who brought in relatively little work to the firm.

While guaranteed contracts are a long-standing practice...
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