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.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.