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Overview
Uncertain times at the recently rebranded Mayer Brown - which, as well as dropping the 'Rowe & Maw' part of its post-merger identity, has also been shedding partners at quite a rate. Some of the departures relate to the firm's arguably overdue decision to de-equitise almost a tenth of its partnership... others do not.
"[Mayer Brown] has lost over 70 equity partners in the past 12 months, including many of its highest-paid partners," says one contributor. "Not the sign of a firm on the up."
Another warns: "The corporate group isn't very busy. All of the group's major clients [such as] EMI, ICI, Easynet [and] Reuters have all been bought out recently. Worse still, they didn't use [Mayer Brown] on the takeovers..."
"The corporate group is busy," insists another poster. They can't both be right.
History
Culture
One poster suggests the firm is shifting towards a more ruthless approach than might have been expected before. "It's easier to change the culture of a firm for the worse (by making it seem like a money-grabbing, cut-throat institution) than it is to improve it," he cautions.
Key departments
National/international coverage
Key clients
Leading partners
The heavyweight presence of Paul Maher dominates the firm's City office, which recently secured a morale-booster with the hire of well-regarded corporate partner William Charnley from Chicago rival McDermott Will & Emery.
Career prospects
"Promotion to partner is tricky," notes one contributor. "The finance group has made three hires recently at partner level and all have been senior associates... from other firms. The message clearly is that the best way to make partner at MB is to get passed over first at another firm."
Another contributor questions that, suggesting that 2007's run of departures has made progression into the partnership that much easier.
"The firm has... hired seven partners and made up 43 this year," he argues. "However, even this has sparked considerable controversy as many of the new and recently made-up partners describe themselves as 'glorified senior associates' due to low pay and lack of involvement in firm management. Getting made up to partner appears to be a bit easier than one comment above suggests, but the question is - what type of partnership are you getting?"
Salaries
Recruitment
Work-life balance
"Not a bad place to work in the very junior ranks," says one Mayer Brownite, "although in some groups you can forget about a life during the week."
Diversity
MBRM has lost over 70 equity partners in the past 12 months, including many of its highest-paid partners. Not the sign of a firm on the up. Not a bad place to work in the very junior ranks (although in some groups you can forget about a life during the week), but promotion to partner is tricky. The finance group has made 3 hires recently at the partner level and all 3 have been senior associates.... from other firms. The message clearly is that the best way to make partner at MB is to get passed over first at another firm.
The corporate group isn't very busy. All of the group's major clients (EMI, ICI, Easynet, Reuters, etc.) have all been bought out recently. Worse still, they didn't use MBRM on the takeovers...
Another two partners resigned this week...
I think Anon is wrong - the corporate group is busy.
Even those lucky enough to make partner (the salaried kind) complain that the role doesn't result in financial rewards. Even equity partners get drains on their hard-earned cash (like capital calls) which mean they end up taking home not much more as a partner than as an employee.
The article 'Mayer Brown future up for grabs as competing visions vie for dominance' hardly scratches the surface and is not entirely accurate. Maher did sit down with small groups of partners (at dinner) last year and made it very clear he would leave if he wasn't made co-chair. Although he does not have the title of chairman, he is clearly running the firm and this is pretty much the accepted position within the firm. That's not to say everyone agrees with it and lots of partners have left this year either because they were asked to or because they don't want the current management or don't agree with the direction the firm is heading in. It is a very salutary lesson that it's easier to change the culture of the firm for the worse (by making it seem like a money-hungry, cut-throat institution) than it is to improve it.
Two very high profile partners have just agreed to join the corporate group (one from another Chicago firm and the other from S&S). Query why they're joining (money, desperately need a pension, can't wait to get out of their existing firm...), but at least it shows the firm can hire top notch (or middling, depending on your view) partners from other top notch (or middling....) firms.
And another partners two gone this week (from Chicago). That makes two hires and two departures for a net of zero. Not a bad week considering all of the departures recently...
Some of the comments here need updating. The firm has lost well over 90 partners now, but they have hired 7 partners and made up 43 this year. However, even this has sparked considerable controversy as many of the new and recently made up partners describe themselves as "glorified senior associates" due to low pay and lack of involvement in firm management. Getting made up to partner appears to be a bit easier than one comment above suggests, but the question is - what type of partnership are you getting?
Recruitment consultants constantly sell this place as "US pay for UK hours". Does anybody fall for that?
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