December 17, 2019 | American Lawyer
Michael Ellenhorn was quoted by American Lawyer in a December 17, 2019 article about Buckley’s insurance plan to cover partner exits from the law firm.
Reporter Dan Packel wrote that in a legal marketplace marked by increasing mobility, in which partners command eight-digit books of business, there’s a certain logic to Buckley’s maneuver, especially when the coverage is situated within a larger strategy for mitigating emerging risks. But expect a different sort of logic to strike the decision-makers who are first learning about this type of insurance policy in the context of a firm that shelled out over $1 million in premiums and has since hired expensive lawyers at McGuireWoods and Williams & Connolly as part of its bid to collect.
If a firm is panicked that it can’t overcome the exit of a key partner, it’s not too late to dive into strategies to put its eggs in more than one basket.
“There’s no question that building strong firms starts with strong, committed, talented partners,” says Ellenhorn, founder of Decipher, a consultancy that advises law firms on talent acquisition and risk. “Growing firms need to be extraordinarily careful about who they bring into their partnerships.”
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