Law Firm Dissolution: Coudert, Dewey and Pandora's Box

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Reproduced with permission from BNA's Bankruptcy Law Reporter, 24 BBLR 835, 06/21/2012. Copyright 2012

The tension between partner fiduciary duty, creditor rights, and rules of professional conduct in the evolving 'law as a business' environment is leading to a showdown in the courts. Which shall prevail is presently unknown. But what should be considered could be much larger and far reaching than commonly perceived, and lead to major rethinking of lateral partner movement, and what financial costs will be permitted anda which will constitute restraints on the freedom to practice law.

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