Ruden McClosky Ch. 11 Fate Could Await Other Firms

Law360, New York (November 2, 2011, 1:35 PM EDT) -- The failure of Florida law firm Ruden McClosky PA, and its sale in bankruptcy court, could portend a similar fate for other law firms, especially those that haven't protected themselves by diversifying beyond areas hit hardest by the financial crisis, experts say.

"Expect more law firm consolidation and closure," said Kenneth R. Yager II, a principal at turnaround firm MorrisAnderson. "The hot markets have changed since 2007, and in all the cost cutting some firms have not been able to adapt and are not ready for...
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