The Financial and Legal Consequences of a Law Firm Dissolution on the Partners of the Defunct Firm

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As Howrey slips beneath the waves and the likelihood that some other law firms may similarly dissolve, it is critical for every partner in a law firm in dissolution or on the brink of dissolution have a complete understanding of the consequences of a law firm implosion. Most law firm partners are blithely ignorant of the consequences that often flow from a law firm dissolution. Liabilities imposed on individual law firm partners and law firms that acquire significant portions of a law firm which dissolves are often draconian. These dissolutions create a whole breed of potential liabilities to individual partners and to successor law firms. Merging a practice group or branch office of a law firm creates a separate set of hurdles.

Being partner in a law firm that dissolves is a dreadful experience, akin to the death of a family member. And, dealing with the estate of the dissolved law firm is a long and treacherous course.

Law firm implosions and dissolutions create minefields that must be very carefully navigated. The consequences can be dreadful, but nonetheless, a map of the minefield is essential.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jerome Kowalski, Kowalski & Associates | Attorney Advertising

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