It is interesting to note two recent trends in large law firms across the world. First, there was the now-notorious demise of US firm Dewey & LeBoeuf, in which backbench partners appear to have been left powerless, uninformed and disenfranchised as the firm’s leadership cabal drove the firm onto the rocks. In ?its last few years, it seems that new laterally-hired partners were prized more ?for the capital they introduced than for ?their skills or acumen.

Second, there has been the recent tendency for large law firms to streamline their equity st...

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