Defunct law firm Wolf Block is seeking more than $1.6 million from 49 former partners who have refused to pay back distributions made to them in the two months of fiscal year 2009 before the firm voted to dissolve. But some of those former partners haven’t been quick to bring out their checkbooks and have instead filed responses in the arbitration laying out what they view as the real demise of the firm, according to filings in the arbitration obtained by The Legal .
In its statement of claim filed Aug. 11, 2010, with the American Arbitration Association, Wolf Block argued that the distributions made to partners in February and March of 2010 were made with the expectation that the firm would remain a going concern through the end of that fiscal year and that the firm would earn profits equal to or exceeding the total distributions made throughout the year. Because the firm voted to dissolve March 23, 2009, it didn’t earn any profits that year and now seeks the return of those distributions, according to the claim.
This content has been archived.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 Subscriber?
Not a Bloomberg Law Subscriber?
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]