LeClairRyan Blocked From Paying Ex-Members, Letters Show
By Sam Reisman (June 20, 2019, 6:05 PM EDT) -- LeClairRyan has told some former shareholders that the firm cannot make redemption payments of their capital because the firm's lender has prohibited it, according to letters from the firm's general counsel obtained by Law360.
In the first of the letters, the firm's general counsel Lori D. Thompson informed the former LeClairRyan attorneys that the firm's lender said in February that disbursing capital redemption payments would put the firm in violation of its loan covenant regarding its leverage ratio.
She wrote that the Virginia-based national firm expected to resume payments to the former shareholders as quickly as it can, and would keep them...
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