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Law Firm Bankruptcy & Dissolution
Breaking news and analysis related to law firm dissolution and partner and creditor disputes.
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From A&O Shearman to India: What We'll Still Be Talking About in Five Years' Time
By Paul Hodkinson | December 10, 2023
The last 12 months have given the industry law firm collapses, splits, ransomware attacks and scandals, but the year will be remembered for other things, writes the Global Lawyer.
5 minute read
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New York Firm Stroock & Stroock & Lavan Plans to Dissolve After Merger Talks Fail
By Justin Henry | Patrick Smith | October 31, 2023
Whether the firm lands in bankruptcy is unknown at this point, sources said, as Stroock will be dealing with both preferred and non-preferred creditors. Its full liabilities are still unclear.
3 minute read
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Over 30 Stroock Partners to Join Hogan Lovells As NY Firm's Prospects Appear Bleak
By Justin Henry | Patrick Smith | October 27, 2023
The partner moves from Stroock amount to more than half of its partnership, creating an even more bleak future for the New York law firm that was founded nearly 150 years ago.
5 minute read
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Axiom Ince Seeks to Make Good on Clients' Missing £64M as Firm Shutters
By Krishnan Nair | October 3, 2023
Clients have also turned to the SRA's Compensation Fund, a hardship fund with several conditions attached to it.
3 minute read
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'Is the Answer to Sue?': A List of the Partners and Barristers Owed Millions by the Ince Group
By Jack Womack | July 11, 2023
'I have never experienced such unprofessional behaviour,' Ince's former head of corporate said of the firm's implosion that has left many out of pocket.
4 minute read
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Ince Group Owner to Acquire Troubled Outfit Plexus Law
By Jack Womack | July 7, 2023
Flexible law firm Plexus filed a notice of intention to appoint an administrator in June.
2 minute read
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Ince Faces 'Enforcement Action' Over £15M HMRC Liability
By Jack Womack | June 30, 2023
Ince's purchaser, AxiomDWFM, will not inherit the failed law firm's liability, according to a person familiar with the administration process.
2 minute read
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Ince Group's Administrators Find Buyer for Embattled Firm
By Jack Womack | April 28, 2023
The listed law firm went into administration earlier this month.
2 minute read
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Beleaguered Ince Group Extends Search for Administrator
By Jack Womack | April 26, 2023
The top 50 law firm first announced its intention to appoint administrators on April 12.
2 minute read
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The (Very) Strict Rules of Going Global
By Krishnan Nair | October 17, 2022
Western institutions setting up in new jurisdictions are having to come to terms with the fact they're not always well-liked.
5 minute read
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Houston Mass Tort Firm Seeks Liquidation, Owing Over $200M To Lit Funders
By Amanda O'Brien | January 27, 2025
In a Chapter 7 filing, AkinMears indicated it was indebted to a Virage Capital Management unit for over $115 million and Rocade Capital for another $86 million.
1 minute read
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Bottoming Out or Merging Up? Law Firms That Shuttered in 2024
By Dan Roe | December 27, 2024
A slower year for law firm shutdowns saw more firms get absorbed by larger firms.
1 minute read
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3-Letter Word: Law Firm Partners Feud Over Contract Language
By Charles Toutant | November 6, 2024
"Instead of using the phrase 'agree to' in the sentences about arbitration, the parties used 'may,'" two appellate judges wrote.
4 minute read
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Armstrong Teasdale Faced Regulatory Inquiry Before Shuttering in London
By Amanda O'Brien | September 20, 2024
The firm's London office—which opened in 2021—brought in $14 million in revenue in 2022 but recorded less than $250,000 in profits.
5 minute read
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Schnader Harrison Can't Escape Suit Over Allegedly Misappropriated Comp, Judge Finds
By Amanda O'Brien | July 24, 2024
Former income partner Jo Bennett's putative class action survived a motion to dismiss.
3 minute read
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The Law Firm Disrupted: Deja Vu for a Regional Stalwart?
By Dan Packel | June 14, 2024
The spot that Boston's Burns & Levinson finds itself in feels distressingly similar to Philadelphia's Schnader Harrison Segal & Lewis a year ago.
4 minute read
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Convicted Phila. Attorney Explains Misappropriation From Firm in Fight Against Disbarment
By Amanda O'Brien | June 6, 2024
Scott Diamond said at a disciplinary hearing that his "stupid stealing" of money from Sacks Weston was aimed at closing the gap between what he was guaranteed and what he earned.
4 minute read
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Skeptical of Sacks Weston's Survival, Judge Dismisses Firm's Chapter 11 Petition
By Amanda O'Brien | April 25, 2024
"The debtor is not a going concern, and its proposed plan will not maximize the value of the estate," U.S. Bankruptcy Judge Patricia Mayer said in an opinion.
4 minute read
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Under Pressure From Lit Funding Creditor, Sacks Weston Agrees to Drop Chapter 11 Bid
By Amanda O'Brien | April 24, 2024
The firm acknowledged expected difficulties in convincing creditors to confirm its bankruptcy plan.
3 minute read
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Sacks Weston's Creditors Remain Hostile to Firm's Chapter 11 Plan
By Amanda O'Brien | April 10, 2024
Third-party litigation funders Virage Capital and Jordan Litigation Funding pushed a judge Wednesday to dismiss the firm's Chapter 11 petition. Meanwhile, co-founder Andrew Sacks was absent from the hearing, purportedly dodging service of a subpoena from Virage.
4 minute read
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