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Breaking news and analysis related to law firm dissolution and partner and creditor disputes.
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
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
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
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
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
By Jack Womack | July 7, 2023
Flexible law firm Plexus filed a notice of intention to appoint an administrator in June.
2 minute read
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
By Jack Womack | April 28, 2023
The listed law firm went into administration earlier this month.
2 minute read
By Jack Womack | April 26, 2023
The top 50 law firm first announced its intention to appoint administrators on April 12.
2 minute read
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
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
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
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
By Amanda O'Brien | April 24, 2024
The firm acknowledged expected difficulties in convincing creditors to confirm its bankruptcy plan.
3 minute read
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
By Amanda O'Brien | March 21, 2024
The funder claims the firm's Chapter 11 filing was a bad-faith effort to delay trial and forum shop in a dispute stemming from a $5.79 million loan agreement.
4 minute read
By Amanda O'Brien | February 8, 2024
The suit says that income partners and counsel were forced to defer a portion of their annual compensation into the firm's pension plan, despite the pension plan itself not requiring such a contribution, and that money was ultimately commingled with firm operating funds.
4 minute read
By ALM Staff | December 29, 2023
Over a year's worth of reporting on the issues and events that led to Stroock's downfall
8 minute read
By Dan Roe | December 28, 2023
From Stroock to Schnader, firms that failed struggled with common issues of recruitment, retention and financial obligations.
7 minute read
By Justin Henry | December 11, 2023
Hogan Lovells, which acquired a team of 28 partners from Stroock and office leases in New York and Washington, is also a secured creditor, gaining rights to the firm's largest liability: a loan made by Chase Bank.
4 minute read
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