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Some Ex-Jenkens Partners Lost Capital Cash

Posted Apr 9, 2007 7:16 AM CDT
By Debra Cassens Weiss

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Partners who left the troubled Dallas firm Jenkens & Gilchrist after the fall of 2004 did not get their capital contributions back.

Texas Lawyer reports the lawyers may never see a penny, or may get back only part of their cash.

The firm shut down on March 31, after it admitted in a nonprosecution agreement with the U.S. Attorney’s Office for the Southern District of New York that it marketed fraudulent tax shelters at its Chicago office. The firm also reached a civil settlement with the Internal Revenue Service.

"It was probably a disincentive to leave," one former partner who requested anonymity told Texas Lawyer. He says he lost a capital contribution of about $200,000.

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