Law firm's managing partner denies report of firm's demise and calls it 'total fake news'
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The managing partner of Pierce Bainbridge Beck Price & Hecht has denied a report that the firm is shutting down following the loss of about 50 lawyers, including three name partners who left earlier this month.
Managing partner John Pierce issued a statement Thursday that said reports of a wind-down are “total fake news.”
Pierce said the firm has had to lay off associates and staff in recent weeks, but it “continues to litigate and each day generates more high-profile, high-value litigation opportunities.”
Pierce went on leave in March amid an internal probe into his alleged acceptance of a personal loan using the law firm’s assets as collateral.
Law360 had reported Wednesday that the firm’s chief operating officer, deputy general counsel and chief financial officer told lawyers Monday that the firm would begin winding down this week. The story was based on anonymous sources.
One lawyer told Law360, however, that it was unclear whether those leaders had the authority to shut down the firm because Pierce is its only equity partner.
Pierce Bainbridge has shrunk from about 70 lawyers in mid-2019 to about 20 lawyers Monday, Law360 reported.
The firm received negative publicity in May 2019 when former partner Donald Lewis claimed in a lawsuit that he was fired and falsely accused of sexual impropriety after confronting Pierce about financial misconduct.