[ad_1]
Ed. note: Welcome to our daily feature, Quote of the Day.
I read this email announcement from the firm leadership as giving everyone notice that they need to get out as quickly as possible so they’re not caught at the firm at the time it dissolves. If I were a partner at Stroock, even if I didn’t have a job lined up at a new firm, I would withdraw before the dissolution regardless.
— Professor John Morley of Yale Law School, an expert in law firm failures, in comments given to Bloomberg Law on the advance notice that Stroock & Stroock & Lavan’s leaders gave employees, as a committee would soon be dissolving the firm “at the appropriate time.” Partners especially need to heed Morley’s warning to get out, otherwise their ongoing fees may be at risk to creditors under the “unfinished business doctrine.”
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter and Threads or connect with her on LinkedIn.
[ad_2]
