The head of the Monroe County Bar Association says Rochester-area legal firms are less likely to find themselves in situations like major New York Firm Dewey and Lebouf. The firm filed Chapter 11 bankruptcies in federal court Monday due to an insurmountable amount debt in response to the recession. Bryan Hetherington says Rochester firms are more conservative that those downstate.
"Our firms tend to still be concerned about developing their newer lawyers, charging reasonable rates to clients," Hetherington says. "So we're really not seeing that kind of New York City or big city access that you saw at Dewey."
Hetherington says having a business model that's focused on clients and reasonable performance most often leads to success. One of the issues that Dewey and Leboeuf faced is acquiring firm partners with large client bases by guaranteeing them big salaries.