Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

Law Firm Partnership & Benefits ReportKickerFeaturesSectionsNewsLJN Newsletters

Law Firm Bankruptcies

By Leslie D. Corwin
February 03, 2006

With globalization and the increasing number of mergers; with the opening of more branch offices by the national firms; and with record number of lawyers leaving law firms, competition in the legal profession has become more intense and cutthroat. As a result, are there more law firm bankruptcies on the horizon? If so, what are the ramifications? What procedures must be followed? The goal of this article is to provide an overview of the basic issues likely to surface in a law firm bankruptcy case.

Finley Kumble, Gaston & Snow, Altheimer & Gray, Arter & Hadden, Brobeck Phleger & Harrison, all prominent law firms in their prime that wound up in bankruptcy. See: In re Finley, Kumble, Wagner, Heine, Underberg, Manley, Myerson & Casey, 85 B.R.13 (Bankr. S.D. N.Y., filed March 2, 1988); In re Gaston & Snow, Case No. 91-B-14594 (Bankr. S.D. N.Y., filed Oct. 10, 1991); In re Altheimer & Gray, Case No. 03-B-43547 (Bankr. D. Ill. Oct. 24, 2003); In re Arter & Hadden, LLP, Case No. 03-23293 (Bankr. N.D. Ohio, filed Oct. 6, 2003); In re Brobeck Phleger & Harrison, LLP, Case No. 03-32715 (Bankr. N.D. Cal., filed Sept. 17, 2003).

This premium content is locked for LJN Newsletters subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

Use of Deferred Prosecution Agreements In White Collar Investigations Image

This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.

The DOJ's New Parameters for Evaluating Corporate Compliance Programs Image

The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.

Compliance Officers: Recent Regulatory Guidance and Enforcement Actions and Mitigating the Risk of Personal Liability Image

This article explores legal developments over the past year that may impact compliance officer personal liability.

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.