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March 20, 2009

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Stuart TenHoor

Adam: While I also doubt whether Mr. Sandler wants to or needs to reduce his rates significantly (underline), you're missing the bigger issue. His movement to a new, smaller firm is reflective of an overall trend in the legal industry. Partners at larger law firms are very concerned about client retainage and new client origination. These goals are furthered by flexibility on rates. While the economic crisis is putting much more pressure on partners than they experienced even 18 months ago, the trend started several years before that, albeit more in some practice areas than others.

Adam

Seems pretty clear that absent the economic crisis and disproportionate amount his practice was contributing to the firm's profits (relative to what he was getting from it), that he wouldn't be leaving. I would doubt that he bills at a substantially lower rate at the new firm.

Stuart TenHoor

Is there any lawyer out there who still needs more evidence that withdrawing from a Skadden or a Latham to go to a new employer with lower billable hour rates can really make some sense?

It's not just banking and lending clients who could use a break.

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