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Accounting Mismatch Spins Accrual Fate for Merger Deal

By Jennifer Fried

[Editor's note: Last month's edition featured a new book excerpt on resolving balance sheet issues in law firm mergers. This recent news report underscores the potentially extreme challenges of harmonizing disparate accounting systems.]

When the end finally came, Pennie & Edmonds' death certificate revealed few surprises. The IP firm had been bleeding key partners and was facing a serious real estate crunch, with its New York office lease nearing expiration and too few partners willing to be on the hook for another 15 years with personal guarantees. But the firm's funeral in December took an unexpected turn.

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