All Intensive Purposes

The New York Observer looks at Milberg Weiss's efforts (e.g., holding a party on a 160-foot yacht) to save the firm in the face of federal prosecution. Other law firms to collapse have suffered from spiraling defections, which burden the partners who stay with increasing shares of the overhead (think rent -- for many firms, office space is the biggest expense). Milberg Weiss may be in better shape than, say, Brobeck Phleger & Harrison was, since the article suggests that its offices are not as plush as many large defense firms. And the firm's business model may give the institution more leverage over departing partners with regard to revenue from fee awards.