With the recent failures of Heller Ehrman, Thelen Reid & Priest, and Thacher Proffitt & Wood, we may expect someone to raise the obscure issue of excess lease liability in determining when a firm is considered insolvent.
Excess Lease Liability and Insolvency
Based on SFAS 5 and in the author's opinion, a law firm's excess lease liability is not an event or item that should be included as a liability for purposes of determining insolvency or for financial statements issued in compliance with generally accepted accounting principles.
By
Stephen M. (pete) PetersonThis premium content is locked for Accounting and Financial Planning for Law Firms subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN Accounting and Financial Planning for Law Firms
- 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
Already have an account? Sign In Now
For enterprise-wide or corporate access, please contact Customer Service at [email protected] or call 1-877-256-2473.
