Wolf Block's partners voted on Monday to dissolve the law firm. There is no indication the firm is in dire financial straits, though it was said to be seeking extensions of its line of credit and had been looking for a merger partner for more than two years. A statement issued by the firm cited the recession, especially in its core real estate practice; the constriction of credit occasioned by the ongoing banking crisis; and the intended and anticipated departure of significant partners and practices.
March 24, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Wolf Block, one of Philadelphia’s most storied and, at one time, most powerful law firms, will soon cease to exist. The firm’s end was self-administered during a partner vote Monday afternoon.
Wolf Block partners issued a statement Monday that they voted to commence an “orderly unwinding of the firm’s business.” The vote ended a flurry of speculation and rumors that had the legal community abuzz over the weekend.
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