ALBANY – A dozen prominent law firms are urging the Court of Appeals to declare as impractical the practice of allowing bankruptcy trustees to pursue profits from matters that partners carry from defunct firms to their new firms, and to find it contrary to nearly a thousand years of legal principle.
In an amicus brief submitted in (Matter of Thelen) Geron v. Seyfarth Shaw, 136, the firms contend that the “unfinished business” rule cannot be applied to require that the bankruptcy estate of Thelen LLC share in profits earned at Seyfarth Shaw and Robinson & Cole from cases that started at Thelen before it dissolved.
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