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Expert Analysis

Death Rattle For Unfinished Business Claims?

Law360, New York (July 30, 2014, 10:09 AM EDT) -- In recent years, hiring a partner from a failed law firm potentially subjected the firm that hired the partner to suits brought by the failed firm's bankruptcy trustees. Lawsuits of this kind sought the recovery of fees earned for legal services provided to clients of the failed law firms as "unfinished business" of the law firm partnership. The trustees based their liability theory on the assertion that pending hourly fee matters were partnership property and remained so after the dissolution of a law firm partnership — even fees earned at a partner's new employer. Trustees were able to recover fees, largely through settlements, with insurers paying some or all of the costs....

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