When Law Firms Fail – Who Gets the Unfinished Business?

July 2, 2014 – In The News
LawFuel
Yann Geron was featured in LawFuel's article, "When Law Firms Fail – Who Gets the Unfinished Business?." Full text can be found in the July 2, 2014, issue, but a synopsis is below.

In a case involving the bankruptcies of Thelen and Coudert Brothers, New York's state Court of Appeals ruled that the hourly fees attorneys earn through client matters can be transferred when attorneys switch firms because they are not owned by their old partnerships.

Yann Geron, Thelen trustee, stated that the court's decision signifies a dead end for Geron's claims against Seyfarth Shaw LLP, who recently hired 11 partners from Thelen.

"On behalf of creditors, we are disappointed by the court’s decision, but respect that it is a unanimous ruling which gives trustees and law firms a clear path forward in New York."