Reed Smith Partner Who Wanted a Promotion Gives Up the Fight
A Reed Smith lawyer who outlined why he wanted to be managing partner in a 10-page memo obtained by a business publication has abandoned his candidacy.
Philadelphia lawyer John DiNome had hoped to unseat nine-year veteran managing partner Gregory Jordan and explained why in his 10-page candidacy statement, the Philadelphia Business Journal reports. The statement questioned Reed Smith’s business model, as well as the compensation and transparency of its managers. It also proposed putting in place a more independent executive committee.
Yesterday DiNome and Jordan issued a joint statement saying DiNome had withdrawn from the race. Jordan told the Legal Intelligencer that DiNome made the decision after the two men met and learned they had some common ground.
DiNome’s candidacy may have been a long shot. Since Jordan took over, Reed Smith has grown from 600 lawyers in nine offices to about 1,500 lawyers in 23 offices, according to the Business Journal. Its revenue per lawyer increased from $425,000 to $660,000, and its profits per equity partner increased from $400,000 to $940,000, the Intelligencer says.
The economic downturn has affected the firm, however. It laid off 26 lawyers and 74 staff members in March, and about 115 support staff in its U.S. offices in December.
