Even though these individuals had the title of partner, they were not partners in the true sense and therefore are not subject to partner clawback claims. They shared in the downside, but they didn’t share in the upside.
(Want to see the list of ex-Howrey non-equity partners that are bringing forth these claims? Let’s take a look….)
Here’s the list of attorneys who are preparing to go toe-to-toe against Allan Diamond, Howrey’s bankruptcy trustee, in the event that he sues them in an attempt to clawback money:
Many of these “partners in name only” have moved on to become partners at other Biglaw firms, like Greenberg Traurig, Eckert Seamens, Dickstein Shapiro, Fenwick & West, Winston & Strawn, Pillsbury, Morgan Lewis, Paul Hastings, Cooley, and Mayer Brown, to name just a few.
So maybe that which we call a
rose partner by any other name would smell as sweet, but wouldn’t make as much money, and would then retain counsel over the lack of “true” partnership status.
Ex-Howrey Lawyers Stick Together [Bankruptcy Beat / Wall Street Journal]