The tragic downfall of Dewey & Leboeuf has made headlines across the globe as among the largest law firm failures in history. Its dissolution and the recent dissolution of large firms in the past several years have forced law firm partners to quickly find new partnerships where they can continue to provide service to their clients and earn a living in their chosen profession. These dissolutions also often require former partners to endure the loss of contributed capital and earnings as well as at times incurring personal liabilities derived from their erstwhile firm’s demise. In addition to these headline-grabbing dissolutions we have also unfortunately witnessed the closings of less well-known firms which nonetheless, certainly on an individual basis, have the same effect on their partners and clients impacted by the business closure.
While it is quite uncertain whether any amount of permissible inquiry by lateral partners would have predicted the business failures of some of these firms, the occurrence of the dissolutions should, nonetheless, cause a partner who is currently or in the future considering joining a law firm to pause and objectively assess the stability of the firm he is considering with the hope of avoiding a dissolution and its impact on their career, clients, and personal finances.
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