It is a lawyer’s nightmare: learning at the last minute that a well-earned contingent fee has evaporated. When clients declare bankruptcy, counsel who have invested time and money in a client’s pre-bankruptcy case risk losing the fruits of their labor.
Consider this example. On behalf of client company X, litigation counsel sues a competitor, company Y. During the pendency of the suit, the client-plaintiff declares bankruptcy and hires bankruptcy counsel. Litigation counsel now risks losing hard-earned fees for work on Company X v. Company Y, unless he takes steps to protect his financial interest. Here’s what litigation counsel needs to do.
This content has been archived.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?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
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]
