Philadelphia firm announces dissolution
Wolf Block, one of Philadelphia's most respected law firms, will soon cease to exist after its partners voted to commence an "orderly unwinding of the firm's business", reports The Legal Intelligencer. Wolf Block partners issued a statement on Monday (23 March), ending a flurry of speculation and rumours over the weekend. The decision to close the firm's doors was announced after the partners met on Monday afternoon to discuss the fate of the firm. "Wolf Block will remain in the practice of law for several months to protect the interests of its clients, employees and creditors," the firm said in a statement. "The decision to unwind was reached in view of a confluence of unfavourable factors: the economic recession, especially in the firm's 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."
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