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Recently, two New York federal district courts reached conflicting decisions in the Coudert Brothers LLP (“Coudert”) and Thelen LLP (“Thelen”) bankruptcy cases with respect to a law firm's purported ownership interest in future profits from its former clients' matters pending on the date of the law firm's dissolution, or “unfinished business.” In Coudert, U.S. District Judge Colleen McMahon held that in her view, New York courts would recognize unfinished business claims for hourly matters. In Thelen, U.S. District William H. Pauley III held that New York courts have not and, in his opinion, would not recognize claims for unfinished business for hourly matters based on New York's strong policies regarding client choice and lawyer mobility. However, in a companion case interpreting California law, Judge Pauley held that to the extent that a law firm earned profits from the former firm's client matters exceeding “reasonable compensation,” California law dictates that those profits belong to the former firm. Both judges have certified interlocutory appeals to the Second Circuit Court of Appeals.
The Coudert Decision
DSI, the plan administrator for Coudert, brought 13 separate adversary proceedings against certain law firms that hired former Coudert partners, premised on the “unfinished business” doctrine. DSI argued that the firms were liable to Coudert for any profits derived from completing certain matters that its former clients transferred to the firms. The parties filed cross-motions for summary judgment on the discrete issue of whether the unfinished business doctrine applies.
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