Law Firm Dissolutions: In and Out of Bankruptcy
The Challenge
Law firm dissolutions introduce complex financial and operational pressures that firm employees have rarely experienced — particularly around the conversion of work-in-process and collection of receivables.
Because dissolution environments involve client uncertainty, transitioning attorney/client relationships, and all of the competing priorities that follow, a structured and experienced approach is essential to preserving momentum and maximizing realization.
Our Role
On-Site Associates provides specialized receivables resolution expertise in support of dissolutions, restructurings, and wind-downs.
We work with dissolution committees, restructuring professionals, trustees, and other stakeholders to design and execute disciplined strategies for converting receivables into maximum realized value—while navigating the sensitivities inherent in attorney transitions and their ongoing client relationships.
Proven in Complex Environments
- ▸ Selected to resolve receivables portfolios in 17 law firm dissolutions, including Dewey & LeBoeuf LLP
- ▸Experience working alongside firm leadership, finance teams, and restructuring professionals
- ▸Proven performer in numerous complex, time-sensitive environments
Our Approach
Early Intervention
Implementing a structured strategy while key personnel, systems, and institutional knowledge remain in place.
Retention of Key Staff (Critical Success Factor)
Retaining key personnel is critical to preserving continuity and maximizing realization—particularly where institutional knowledge directly impacts outcomes.
Professional Due Diligence
Working directly with attorneys to understand client relationships, assess collectability, and develop an informed resolution strategy.
Structured, Firm-Aligned Execution
Developing and executing strategies collaboratively, with clear parameters and oversight.
Supporting Capabilities
Objectivity and Alignment of Interests
Law firm dissolution environments often create competing pressures between the dissolving firm's need to resolve outstanding receivables and transitioning attorneys' desire to preserve client relationships as they move to new firms. In our experience, the most effective outcomes are achieved through resolution strategies that preserve client and attorney goodwill while creating a practical pathway toward payment and portfolio resolution.
Reporting and Visibility
Clear, ongoing insight into account status, strategy, and results.
Flexible, Performance-Based Structure
Engagements that are contingency-based, cost-effective, and priced with the size, composition, and objectives of each dissolution scenario in mind.
What We Deliver
- ▸Accelerated conversion of receivables and work-in-process into realized income
- ▸Structured execution in a complex, time-sensitive environment
- ▸Coordination across stakeholders and client relationships during transition
- ▸Clear visibility into portfolio status and performance
- ▸A disciplined, experienced approach informed by prior dissolution engagements