A survey of 130 law firms by Citi's Law Firm Group found that average debt levels per partner have dropped 36 per cent, from $77,600 in 2008 to $49,700 in 2014. At Akin Gump Strauss Hauer & Feld, there is no more debt at all and lateral hire partners no longer get salary guarantees in order, says chair Kim Koopersmith, to 'avoid a circumstance like Dewey'. Bank debt became a problem at Dewey - which filed for bankruptcy in 2012 - and rules about the covering of covenants and the accounting situation form a part of the criminal and civil actions which are currently taking place.
Equity growth
Equity levels are rising among partners - nearly doubling (up 92 per cent) in the decade to 2013, when the average equity stake per partner was $383,300. Source: ABA
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