K&L posts finances online in response to Dewey collapse

Pittsburgh-based law firm K&L Gates has broken with convention and posted its 2012 financial results online, partly in response to the collapse of New York firm Dewey & LeBoeuf last year, according to various media reports.

K&L Gates posts results online

The publishing of the results, which met Securities and Exchange Commission standards, is hoped to address the problems which affected Dewey, which was accused of providing inaccurate financial information  to at least some of its partners and to an American Lawyer survey, reports the ABA Journal.

'Misleading statistics'

‘The entire industry was tarred by Dewey, and the industry’s opacity and misleading statistics magnified the Dewey effect for all of us,’ said K&L chairman Peter Kalis. ‘We wanted to head in a new direction and to promote change toward an informed transparency.’
The post showed that the firm experienced mainly flat revenue since 2011, with a reduction in lawyers from 1,910 to 1,748 despite the opening of two new offices.

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