William McGrane, a partner at McGrane LLP, and George McKeegan, a shareholder in McKeegan Law P.C., explores why—of all the various forms of business organizations presently being utilized by Big Law firms—forms of business organizations which require their equity security holders to identify themselves to the public as "partners" are by far the most problematic of all the various and sundry forms of business organization presently in use by Big Law.
February 03, 2014 at 12:00 AM
1 minute read
During the late 20th century, being a Big Law partner had the sweet smell of success.1
The beginning of the 21st century, however, has seen a wave of Big Law bankruptcy filings, mainly involving Big Law firms organized as limited liability partnerships (failed Big Law Partnerships).2
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