Ruden McClosky has lost two equity partners, leaving the firm below the 40 equity partners required by its bank line of credit, according to sources. The departures mean the law firm must promote at least one lawyer to equity partner to comply with the bank's requirement. The latest exits appear to indicate Ruden still has not halted its downward spiral. Over the last year, what once was one of the strongest law firms in Florida has been plagued by mass defections, office closings and revenue shortfalls.
July 12, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Ruden McClosky has lost two equity partners, leaving the firm below the 40 equity partners required by its bank line of credit, according to several sources.
The departures mean the troubled Fort Lauderdale, Fla.-based law firm must promote at least one lawyer to equity partner to comply with the bank’s requirement.
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