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(Reuters)   You know the economy has hit rock bottom when the biggest collapse of a law firm in U.S. history is caused because lawyers can't find anyone with any money to sue   (reuters.com) divider line 12
    More: Fail, United States, capital expenditures, New York County District Attorney, accounts receivable, Novartis  
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1647 clicks; posted to Business » on 31 May 2012 at 11:48 AM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-05-31 10:37:30 AM  

"The firm's collapse is expected to be the subject of years of court proceedings, and a number of former partners have already retained lawyers to represent them."

upload.wikimedia.org
 
2012-05-31 12:16:59 PM  
If ever there was thread begging for a meme contest, this is it.

My entry...

us9.memecdn.com

/not "mine" mine, but you know what I mean
 
2012-05-31 12:19:51 PM  
Think of the lawyers!!! We should get a telethon for them.
 
2012-05-31 12:26:08 PM  
With the name LaBeouf in there, you know it had to suck and fail.
 
2012-05-31 12:29:24 PM  
D&L failed because a small group of management was providing guaranteed contracts to (mostly lateral-hired) partners, who in turn were unable to deliver with the books of business that were needed to support their guaranteed pay.

The only people really getting screwed by this debacle is the support staff and some junior associates.
 
2012-05-31 12:49:06 PM  

Moopy Mac: D&L failed because a small group of management was providing guaranteed contracts to (mostly lateral-hired) partners, who in turn were unable to deliver with the books of business that were needed to support their guaranteed pay.

The only people really getting screwed by this debacle is the support staff and some junior associates.


If I recall correctly, becoming a partner in a law firm means you become jointly liable for the firm's obligations, so in a bankruptcy the creditors may be coming after all the partners. You may be richly compensated while things are going well, but when the wheels come off, it may all vanish.
 
2012-05-31 01:44:44 PM  

jjorsett: Moopy Mac: D&L failed because a small group of management was providing guaranteed contracts to (mostly lateral-hired) partners, who in turn were unable to deliver with the books of business that were needed to support their guaranteed pay.

The only people really getting screwed by this debacle is the support staff and some junior associates.

If I recall correctly, becoming a partner in a law firm means you become jointly liable for the firm's obligations, so in a bankruptcy the creditors may be coming after all the partners. You may be richly compensated while things are going well, but when the wheels come off, it may all vanish.


The photo shows it's an LLP, which if I understand things correctly shields the partners from creditors...

s1.reutersmedia.net
 
2012-05-31 02:58:11 PM  

jjorsett: Moopy Mac: D&L failed because a small group of management was providing guaranteed contracts to (mostly lateral-hired) partners, who in turn were unable to deliver with the books of business that were needed to support their guaranteed pay.

The only people really getting screwed by this debacle is the support staff and some junior associates.

If I recall correctly, becoming a partner in a law firm means you become jointly liable for the firm's obligations, so in a bankruptcy the creditors may be coming after all the partners. You may be richly compensated while things are going well, but when the wheels come off, it may all vanish.


The partners may have to pay back some part of their first quarter draws (which in effect, are loans based on the projected profits of the firm), but they as StoneColdAthiest says above, D&L was a LLP (as are almost all law firms).

In LLPs, generally all partners have limited liability. In LPs, only limited partners have limited liability.
 
2012-05-31 04:16:51 PM  
Job creators¡
 
2012-05-31 06:37:02 PM  
Dewey & Leboeuf? What happened to Cheatum and Howe?
 
2012-05-31 08:03:43 PM  
So lawyers screwing lawyers who have to hire lawyers to fight lawyers.
Well that doesn't sound like a waste of taxpayer dollars at all. *eye roll*
 
2012-06-01 10:26:52 AM  
Actually it is a good sign when lawyers can't find work, consumers will pay less with the legal mafia shrinking.
 
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