Law. com has this: “Brobeck’s Books: Top partners continued to enjoy big paydays as firm faced tough times, records show.”
“Top partners at [the now-defunct] Brobeck, Phleger & Harrison were continuing to enjoy million dollar-plus paydays even as the firm rapidly lost steam in the wake of the dot-com bust, partner compensation records show.
And in some cases, rainmakers pocketed $200,000 or more in bonuses in the months before the firm’s January announcement that it would close its doors.
The partner compensation records — which recently came to light as part of the firm’s bankruptcy — provide a detailed look into the financial life of Brobeck as it struggled through its final year.”
Brobeck’s partnership compensation pyramid consisted of 12 separate levels. Only one partner — “Tower Snow Jr., a securities litigation rainmaker and former firm chairman” was at the top level, and he “took home an estimated $1.4 million, not counting bonuses.”
“The firm’s liquidation committee also recently filed documents with the U.S. Bankruptcy Court for the Northern District of California that reveal Brobeck has a current debt level of $47.1 million.”
Four former partners have remained quite nicely employed in handling this mess. The four members of the liquidation committee “received $1.4 million through the end of September in base compensation and bonuses.”
I guess some big law firms and their “CEO’s” act just like some of their big corporate clients and their CEO’s. No doubt they understand each other well that way; perhaps they even deserve each other.
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