WolfBlock Considering Possible Dissolution; Consultant Hired in Case of Wind Down
Posted Mar 23, 2009 7:29 AM CDT
By Debra Cassens Weiss
Updated: Partners at the Philadelphia-based WolfBlock are meeting today to discuss a possible dissolution of the law firm, according to published reports. (And, since this ABAJournal.com post went up this morning, they have actually voted to dissolve.)
The Philadelphia Inquirer is quoting unnamed sources about the subject of the meeting. An e-mail sent to firm members last week from the executive committee said topics set for discussion include compensation and WolfBlock's line of credit, the story says.
Law firm chairman Mark Alderman refused to confirm the meeting, the Inquirer says.
Legal consultant Bradford Hildebrandt, chairman of Hildebrandt International, told the ABA Journal his firm has been hired to manage the wind down of the law firm, if the partners approve that course of action.
The Legal Intelligencer broke the news Sunday evening, according to a summary of the story on Above the Law. Sources told the Intelligencer that the firm’s executive committee discussed possible dissolution on Saturday, and today the full partnership will vote. A dissolution decision would need a vote of at least 75 percent of the partners.
A source told the Inquirer that some equity partners are grumbling that they aren’t earning enough and are threatening to leave. The firm had discussed mergers with the Florida-based Akerman, Senterfitt & Eidson last year and Philadelphia's Cozen O'Connor in 2007, but negotiations failed.
Last week the Legal Intelligencer reported that 10 out of 11 WolfBlock lawyers in Wilmington, Del., are in talks about joining Drinker Biddle & Reath.
Last updated at 4:10 p.m. to link to subsequent ABAJournal.com post about today's partner dissolution vote.