Law Firm Heller Ehrman Suffers Losses

10/31/07

“I think the firm is really committed to having a bright future,” said Patricia Gillette, former co-chairwoman of the labor and employment practice at Heller. “There’s no doubt in my mind that it will be fine — I think all firms go through tough times.”

Gillette, who left Heller after 17 years, has joined Orrick, Herrington & Sutcliffe along with several others, including a labor partner and four associates. Gillette expects most of her clients to follow her.

But the San Francisco firm has suffered even greater losses than its recent laying off of 65 staff. In the spring, the company lost half of its corporate practice in San Diego and expects profits to be less than earlier projected.

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Why? Alan Miles, a Los Angeles recruiter said it wasn’t about the money.

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“These are some of the first departures of people who really bought into the Heller Ehrman culture of camaraderie and collegiality, and the money didn’t seem to be the be-all end-all. They could’ve left for the money a long time ago.”

And chairman Matthew Larrabee said it was the “nature of the beast of the industry right now.”

“For Heller to lose a top securities litigator, it shows how tough it is to compete against the top New York firms for firms like Heller, whose profits per partner are probably half of Milbank’s,” said law firm consultant Peter Zeughauser. “Heller is a talent-rich firm, and other firms are after them all the time.”