We open the chapter in LEARNING FROM MISTAKES with the example of Dewey & LeBoeuf LLP bankruptcy. Here we had a very successful law firm with a "storied history" which failed due to a failed strategy and huge missteps with their human capital. At the core of the problem was the merger of two law firmsinsurance- and energy-focused LeBoeuf, Lamb, Greene & McRae LLP, and Dewy Ballantine LLP.

The merged partnership promised new partners guaranteed lucrative contracts, sometimes over $5 million a year. Not surprisingly, the legacy partners did not take kindly to such largessand many left the firm. The firm's performance continued to sufferin part the result of numerous failed merger attempts, and eventually, the firm liquidated. It became the largest law firm failure in U.S. history. (And, the Great Recession of 2008 and 2009 hit the firm hard and big problems came to the surface.)

Discussion Question 1: How could these problems have been avoided at Dewey & LeBoeuf?

Discussion Question 2: What practices should firms such as Dewey & LeBoeuf implement to attract and retain top talent?

Discussion Question 3: Why do many firms devote more efforts to attracting human capital than they do to developing or retaining talent?