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Law Firm Bankruptcies
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).
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