Troubled Ruden McClosky May Have to Make New Partner to Meet Credit Line Rule
The departure of two more partners has put a troubled South Florida law firm below the minimum number of partners required by its bank credit line, raising the possibility that Ruden McClosky will promote an attorney to equity partner to meet the required 40-partner minimum.
A spokesman for the firm says it recently hired two new lawyers but declined to comment on the credit line information, which was provided by unidentified sources, the Daily Business Review reports in an article reprinted in New York Lawyer (reg. req.).
The firm’s managing partner did not immediately respond to a request for comment by the legal publication.
Ruden McClosky’s attorney roster had been reduced from 172 in 2008 to around 100 by the end of March, an earlier ABAJournal.com post notes, and the Fort Lauderdale-based firm currently lists 88 lawyers on its website.
Sixty lawyers and staff exited at the end of 2009 for Adams and Reese, and the firm subsequently laid off 20 staff members in March.
