Large Firms
Dec. 19, 2011
'Fire sale’ mergers: Why turkeys vote for Thanksgiving
When the cost of bankruptcy, and being tied up for years in litigation with uncertain outcomes, is not a practical option. By Edwin B. Reeser
Failures of large law firms and the consequences to all parties are closely followed and well chronicled. The pain inflicted financially and emotionally upon all parties is severe, especially in bankruptcy. Unlike many business failures, law firm collapses seem to occur rapidly, and catch many parties, including equity partners, genuinely by surprise.
One reason for this surprise, besides lack of information and disclosure from manag...
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