In the Aug. 1, 2012, article in this column, “‘Unfinished Business’ Expanding Hurdle to Lateral Hiring,” we considered how the “unfinished business” doctrine poses a potentially painful headache for hiring firms in light of the way that doctrine was interpreted and applied in Development Specialists v. Akin Gump, 462 B.R. 457, decided by Judge Colleen McMahon of the U.S. District Court for the Southern District of New York, in connection with the bankruptcy of the Coudert Brothers firm. The reason to revisit this subject so soon is the even more recentand equally significantdecision in Geron v. Robinson & Cole LLP, et al., 2012 WL 3800766 (S.D.N.Y., Sept. 4, 2012).
This case, decided by Judge William Pauley III, who like McMahon sits in the Southern District, involved the bankruptcy of another once mighty law firm, Thelen LLP. As our review of this latest decision will show, what is most remarkable is that, after considering the same issues and principles as those that were before McMahon in the Coudert case, Pauley reached diametrically opposite conclusions. Following a brief survey of the Thelen case, we will consider where these two conflicting decisions leave the law and economics for firms seeking to hire laterals, and the ability of lawyers to make lateral moves.
‘Unfinished Business’ Doctrine
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