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After the recent real estate crash and economic downturn, Florida law firm Ruden McClosky will soon employ a new managing partner starting January 1, 2011 according to “The Daily Business Review,” the firm’s sibling publication.
Reports revealed that the current Ruden McClosky president and CEO Carl Schuster, an estate-planning partner in Fort Lauderdale, will now share the leadership seat with Michael Krul, his new second-in-command partner. Krul has chaired the firm’s corporate and finance practice for more than 20 years. He will co-manage the firm in 2011 with Schuster, who is slated to step down permanently from his present post and will return to his trusts and estate practice come 2012.
The reports also disclosed that Ruden McClosky has been under major changes in the recent months. The firm has implemented layoffs and instituted an 18% across-the-board pay cut to stay afloat during the economic upheaval. The firm has 85 lawyers presently, from nearly 200 lawyers, after losing more than 50 partners and offices in Sarasota and St. Petersburg to its competitors. Some partners left the firm at the end of 2009 when they were asked to sign personal guarantees to secure the firm’s line of credit.
Krul remained positive despite the firm’s set backs. “We’re stronger and leaner heading into 2011. We will make budget. We’re doing fine; we’re poised to grow. A new management committee will be chosen in another partner election in December. The firm is even looking to start hiring again, looking for three senior associates to add to its depleted attorney roster,” Krul said.
