As we all have unfortunately witnessed firsthand, the recession has brought with it an increase in law firm failures and bankruptcies. These very difficult situations for law firm partners sometimes become even more arduous when claims of fraudulent conveyance are made concerning the conduct of departed partners. Many times the claims of fraudulent conveyance relate to the somewhat ominous and usually unfamiliar phrase “unfinished business.” Claims concerning “unfinished business,” in the law firm context, most often present themselves as claims made against former partners for fees generated from work performed by them at their new firms concerning clients or matters of their prior, now defunct, firm.
After you survive a firm’s insolvency and land on your feet at a new firm, a claim of “unfinished business” could, if successful, require you to pay back any profit realized from matters commenced at the insolvent firm and brought to the new firm. A claim for “unfinished business,” therefore, is obviously not the way to impress your new partners.
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