Before it spiraled into bankruptcy, LeClairRyan touted its joint venture ULX Partners with alternative legal services provider UnitedLex as a gamechanger and part of its strategy to embody “law firm 2.0.” As hundreds of LeClairRyan employees joined ULX, UnitedLex CEO Dan Reed called it “the most disruptive change to the practice and business of law since lawyers began billing their time.”

But LeClairRyan was hardly an equal partner in the new venture. As it turns out, its stake in ULX was just 1%, according to a new bankruptcy filing in Virginia court.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]