Lewis Brisbois Bisgaard & Smith, an Am Law 100 firm, has recently taken legal steps to recover significant compensation amounts from several former partners who departed in the last year and a half. These partners are facing claims to return five- and six-figure sums due to an alleged overdistribution of funds.
The disputes arise from the firm’s failure to meet the revenue targets for 2022, which initially were used as the basis for payments made to these partners, according to sources involved. This sets a notable precedent in the legal industry as firms navigate the complexities of partner compensation amid financial shortfalls.