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.
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