The Wolf Block Postmortem
Looks like it's déjà vu all over again with yesterday's collapse of mid-size Philadelphia-based law firm Wolf Block. As with last year's demise of firms like Thacher Profitt, Thelen and Heller Ehrman, Wolf Block's failure, as described by The Legal Intelligencer, follows the same pattern: failed merger attempts, rainmaking partners jumping ship and a primary practice area (real estate) that suffered in the economic downturn.
The only remaining question is how many times this fact pattern will repeat itself in 2009. Is Wolf Block the start of another scary year, or by dumping associates and cutting partner salaries, will firms spare themselves from this fate? Send your comments below.
Posted by Carolyn Elefant on March 24, 2009 at 05:32 PM | Permalink
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