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How To Close A Law Firm — Practically And Ethically

Law360, New York (July 11, 2016, 2:18 PM EDT) -- Law firms break up for a variety of reasons: Partners may not want to practice together anymore; some partners may want to retire; a sole proprietor may pass away; or a firm may be insolvent and have to cease operations. Regardless of the reasons, winding down a law firm is at best stressful, at worst excruciatingly painful, and often carried out as if it were an emergency fire drill, rendering the process even more difficult. The more prepared the firm, the more likely that closing can be accomplished without bloodshed.

Lawyers have to be aware of the practical realities of closing...

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