Insolvency of Professional Services Firms
The assets of professional services firms ride the proverbial elevator every day. What happens when they stop riding? This session addresses the insolvency of professional service firms, including the causes of professional service firm insolvencies, the status of partner capital, and the risks to the professionals who once rode the elevators, including potential preference and fraudulent transfer liability. This program also reviews recent cases relating to the “unfinished business” doctrine in the context of law firm insolvencies. Finally, the program examines challenges in effecting a distressed merger of professional services firms.