Law Firm Dissolutions
In a year full of law firm transitions, departures, and dissolutions, more change is surely on the horizon. This is still the perfect time to add a critical item to your list: Set the goal of reviewing your law firm’s risk management in a systematic way this year.
Law firms are not entitled to future profits from the firm’s clients as an ongoing property right, but this does not mean that the law firm can't do anything to protect themselves in the event of a departure.
As the legal industry continues to adjust to life during a pandemic, some law firm transitions and transformations inevitably will lead to law firm closures and dissolutions. But is dissolution always the best option? And will its partners and clients be protected?