Howrey, a big law firm known for its intellectual property practice, is set to fold on Tuesday after its partners voted overwhelmingly on Wednesday to dissolve their practice.
The decision surprised no one, since the vote follows months of defections from the firm, as Howrey grappled with a rapidly declining business; its 2009 revenue plummeted more than 16 percent to $480 million, according to The American Lawyer.
"The firm had experienced disappointing financial performance over the past two years and subsequently several partners had resigned," Robert Ruyak, the firm's chairman and chief executive, said in a statement. "This resulted in the conclusion that an orderly wind down of the firm's activities over time was the only practical alternative."
Read the full New York Times story, "Howrey Law Firm Dissolves After Slow Bleed of Partners."