Is your firm at risk if you hire laterals from a dissolving law firm?
As two New York federal district court rulings have disagreed on the “unfinished business” doctrine, which determines who can claim profits from a defunct law firm’s unfinished cases, the matter appears destined for the Second Circuit. However, 2012’s public implosion of Dewey & LeBoeuf showed that law firms who hire laterals from a dissolving firm shouldn’t wait for the courts to decide on issues that could end up in a lawsuit over fee ownership.
ABA Journal business of law reporter Rachel M. Zahorsky discusses with Beazley’s Brant Weidner and Gibson, Dunn & Crutcher partner Kevin S. Rosen the ways firms can address and mitigate the risks of hiring laterals from a dissolving firm.
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