Finley, Kumble, Wagner, Underberg, Manley, Myerson & Casey
Encyclopedia
Finley, Kumble, Wagner, Underberg, Manley, Myerson & Casey was a United States
law firm
founded in 1968. The firm, based in New York, had grown from eight lawyer
s at its inception to over 700 lawyers at the time of its bankruptcy and dissolution
in 1987. At the time it dissolved, Finley, Kumble was the fourth largest law firm in the United States, and at its peak was the country's second largest firm, behind only the international firm Baker & McKenzie
.
The firm's precipitous demise is believed to have been caused by infighting among its partners and excessive debt
incurred by the firm's famous practice of paying exorbitant salaries to prominent and well-connected attorneys to entice them to join the firm as partners, including former United States Senators Joseph Tydings
, Paul Laxalt
, and Russell B. Long
, as well as by its rapid expansion, including the addition of firm offices in cities around the United States and the United Kingdom
. By the time it folded, the firm had debts in excess of $
60 million.
Finley, Kumble is notable for being among the first law firms to shun traditional, collegial legal management protocols in favor of operating more like a conventional business, for example, by routinely recruiting partners from other firms and shunning seniority-based partner compensation in favor of paying greater salaries to those partners who generated the most business, strategies that have since become common in the legal industry (see book of business (law)
).
Other notable past Finley, Kumble partners include former governor of New York, Hugh L. Carey, former mayor of New York, Robert F. Wagner, Jr.
, and former New York attorney general Nathaniel L. Goldstein
.
Legal writer Steven Brill
covered the rise and fall of the firm in the pages of his magazine American Lawyer. This coverage was controversial due to his social relationship with firm partner Marshall Manley and others within the firm.
The firm's rise and fall was chronicled in the book Shark Tank by Kim Isaac Eisler. Former named partner Steven Kumble also authored a history of the firm, entitled Conduct Unbecoming, The Rise and Ruin of Finley, Kumble.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
law firm
Law firm
A law firm is a business entity formed by one or more lawyers to engage in the practice of law. The primary service rendered by a law firm is to advise clients about their legal rights and responsibilities, and to represent clients in civil or criminal cases, business transactions, and other...
founded in 1968. The firm, based in New York, had grown from eight lawyer
Lawyer
A lawyer, according to Black's Law Dictionary, is "a person learned in the law; as an attorney, counsel or solicitor; a person who is practicing law." Law is the system of rules of conduct established by the sovereign government of a society to correct wrongs, maintain the stability of political...
s at its inception to over 700 lawyers at the time of its bankruptcy and dissolution
Dissolution (law)
In law, dissolution has multiple meanings.Dissolution is the last stage of liquidation, the process by which a company is brought to an end, and the assets and property of the company redistributed....
in 1987. At the time it dissolved, Finley, Kumble was the fourth largest law firm in the United States, and at its peak was the country's second largest firm, behind only the international firm Baker & McKenzie
Baker & McKenzie
Baker & McKenzie is an international law firm, founded in Chicago in 1949 by Russell Baker and John McKenzie. It is home to more than 3,800 lawyers spread over 70 offices in 42 different countries....
.
The firm's precipitous demise is believed to have been caused by infighting among its partners and excessive debt
Debt
A debt is an obligation owed by one party to a second party, the creditor; usually this refers to assets granted by the creditor to the debtor, but the term can also be used metaphorically to cover moral obligations and other interactions not based on economic value.A debt is created when a...
incurred by the firm's famous practice of paying exorbitant salaries to prominent and well-connected attorneys to entice them to join the firm as partners, including former United States Senators Joseph Tydings
Joseph Tydings
Joseph Davies Tydings is a former Democratic member of the United States Senate, representing the state of Maryland from 1965 to 1971....
, Paul Laxalt
Paul Laxalt
Paul Dominique Laxalt of Nevada was a former Republican District Attorney, Lieutenant Governor, Governor and U.S. Senator. In the media, the words "son of a Basque sheepherder" often accompanied his name. He was one of Ronald Reagan's closest friends in politics...
, and Russell B. Long
Russell B. Long
Russell Billiu Long was an American Democratic politician and United States Senator from Louisiana from 1948 until 1987.-Early life:...
, as well as by its rapid expansion, including the addition of firm offices in cities around the United States and the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. By the time it folded, the firm had debts in excess of $
United States dollar
The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....
60 million.
Finley, Kumble is notable for being among the first law firms to shun traditional, collegial legal management protocols in favor of operating more like a conventional business, for example, by routinely recruiting partners from other firms and shunning seniority-based partner compensation in favor of paying greater salaries to those partners who generated the most business, strategies that have since become common in the legal industry (see book of business (law)
Book of business (law)
Book of business is common parlance in the United States legal services sector and refers to the collection of clients that a lawyer has assembled throughout his or her career. It is often used to refer to the valuation of such client following.Since most U.S...
).
Other notable past Finley, Kumble partners include former governor of New York, Hugh L. Carey, former mayor of New York, Robert F. Wagner, Jr.
Robert F. Wagner, Jr.
Robert Ferdinand Wagner II, usually known as Robert F. Wagner, Jr. served three terms as the mayor of New York City, from 1954 through 1965.-Biography:...
, and former New York attorney general Nathaniel L. Goldstein
Nathaniel L. Goldstein
Nathaniel Lawrence Goldstein was New York State Attorney General from 1943-54, paralleling the three terms of Governor Thomas E. Dewey. A Republican, Goldstein equaled the twelve-year tenure of his Democratic predecessor John J. Bennett, Jr...
.
Legal writer Steven Brill
Steven Brill (law writer)
Steven Brill is the founder of CourtTV and American Lawyer magazine. He also founded the failed Verified Identity Pass, Inc., the New York-based company that operated the Clear airport security fast-pass. The service abruptly shut down June 23, 2009, without any notice to the company's 260,000...
covered the rise and fall of the firm in the pages of his magazine American Lawyer. This coverage was controversial due to his social relationship with firm partner Marshall Manley and others within the firm.
The firm's rise and fall was chronicled in the book Shark Tank by Kim Isaac Eisler. Former named partner Steven Kumble also authored a history of the firm, entitled Conduct Unbecoming, The Rise and Ruin of Finley, Kumble.