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Avoiding Law Firm Implosions by Mandating Firms to Undergo Annual Stress Tests

Good Lord! Please make it stop. We can’t take witnessing any more carnage or scandal from the Dewy & LeBoeuf front! The worst part, in some respects, is that clients, laterals and law firm lenders are now looking past...more

Dewey, Sex, Lies and Videotape

We are still sitting and gawking unabashedly at the awful train wreck that is now the fate of Dewey & LeBoeuf. The human carnage is unspeakable, yet we can’t stop staring. The pundits are rapidly offering their own...more

How to Succeed in BigLaw While Really Trying: A Four Act Unfinished Play, Now Playing at a Law Firm Near You

The numbers for 2011 for law firms are dribbling out as they inevitably do at this time of year. The reports are fairly consistent all across the board: Gross revenues up at about 3 or 4%; net profits increased at double...more

A Jewel [v. Boxer] is a Law Firm Bankruptcy Trustee’s Best Friend; Unfinished Law Firm Business Taxes Departing Partners and Their...

Since 1988, when Finley Kumble filed for bankruptcy protection, some 32 major law firms have failed. In each of those cases, liabilities far exceeded assets and in most of these cases, partners of the defunct firm and the new...more

In re Canyon Systems Corp. , 343 B.R. 615 (2006)

Can a trustee in bankruptcy recover damages from those who profited from an insolvent pyramid scheme?

No, the bankruptcy trustee cannot recover damages under state law against those who profited from an unlawful pyramid scheme, but it can void fraudulent transfers of pyramid scheme profits. Canyon sold gold coins to...more

Monea v. Zimmerman, No. 91-4127 (1992)

Is a default judgment an appropriate sanction for failing to turn over documents and respond to interrogatories in the bankruptcy...

The Court of Appeals ruled that a default judgment was appropriate when the defendants were given multiple extensions and accommodations to complete production requests. Also, the court ruled that the mere fact that a...more

Cunningham v. Brown , 265 U.S. 1 (1924)

Cunningham v. Brown

The Supreme Court held that the participants in Charles Ponzi's famous scheme who cashed out just before the schemes collapse had to repay the money received and join others similarly situated as general creditors of his...more

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