Dissolution Watch: Wolf Block Could Vote Today
We hope you enjoyed last week, a “relatively quiet week” in layoffs. We’ll see if the relative calm holds as we get closer to the time for firms to make another payroll.
Last night, the Legal Intelligencer broke the news that Wolf Block could be doing a lot more (subscription) than laying off employees this week:
Several sources have said members of the executive committee met Saturday to discuss a possible dissolution of the firm. The matter is said to be set for a full partnership vote as early as Monday. A decision to dissolve the firm would need to be approved by at least 75 percent of the partnership, one source said.
After the jump, the now familiar story of failed mergers as precursors to dissolution.
The Intelligencer reports that Wolf Block has been on the hunt for a merger partner for two years:
It was unable to consummate an intra-city deal with Cozen O’Connor in early 2007 over difficulties in merging the partnership of Wolf Block with the public corporation of Cozen O’Connor. The two firms also had different fiscal years, with Cozen O’Connor working off of a calendar year and Wolf Block ending its year on January 31.Wolf Block began talks with Florida-based Akerman Senterfitt, another corporation, in early 2008, but those talks failed over what the firms said were conflicts between Wolf Block’s health care practice and Akerman Senterfitt’s insurance practice.
It does look like Drinker Biddle is interested in taking over Wolf’s Delaware office. But the future of the rest of the firm is in considerably more doubt.
We’ll keep you posted.
Wolf Block to Take Dissolution Vote to Partnership, Sources Say [Legal Intelligencer] (subscription)
(79) Comments
Comments
First and not even a law student
you are not first
you are not first
yikes. Best of luck to them.
They have too many seminars planned for at least the next 2 months. They are not going anywhere.
Worst sinking feeling wondering if you'll make it to the life boat.
lol at 5
Wow.
Sigh. Wolf Block was always a reliable choice for students from Penn's Philly campus. Not the news they needed in this environment.
What Wolf Block needs is a superstar like Kenny Powers heading their Litigation team. I'd bring the heat.
partner vote on dissolution is at 1pm today
9: that is one reason they are dissolving - they became a 'safety school' for law students - there are plenty of firms around today that exist for no other reason than that they have always been there - in other words, there is no compelling business reason for them to survive ("compelling," in the sense that clients absolutely need them to be there, in their current form), so they won't
There are dozens if not hundreds of US law firms in the same boat.
The Delaware attorneys won't have any problems, especially those in bankruptcy and corporate lit.
when is the White & Case partnership going to vote for dissolution? - come on guys, put it out of its misery!
American life
I live the american dream
You are the best thing I've seen,
You are not just a dream
I tried to stay ahead,
I tried to stay on top
I tried to play the part,
But somehow I forgot
Just what I did it for
And why I wanted more
This type of modern life - Is it for me?
This type of modern life - Is it for free?
The wolves descend on the Carcass of Law.
That's too bad. They have some hot young litigation partners in the Philadelphia office:
http://www.wolfblock.com/wbroot/attorney.asp?mode=0&ifid=0&pgid=0&id=274
9, do they hire from Penn's other campuses, or just Penn-Philly?
12 You are right but carried to the extreme how many firms are indispensable? You have a few brilliant original thinkers and fearless litigators and hordes of fungible well dressed serfs. Clients will pay for only the wheat and not the costly leveraged chaff now that it's their money.
More on this, no subscription needed:
http://www.philly.com/philly/business/homepage/20090323_Sources__Wolf_Block_partners_to_discuss_dissolving_firm.html
Yo, assholes, this motherfucker's dead!
fake firm, didn't read
My appetite is insatiable.
Where are the Johnny Chimpos of yesteryear?
17 - She's more than just a pair of tits and legs. You need to respect her mind as well as her huge breasts.
Wolf Block has been dying for a long time. Its nice to hear that their suffering will soon be over.
You might say the wolf is at the door.
Severance for an entire firm? I'll be busier than a two-pecker goat in a field full of nannies!
This is unsubstantiated B.S. The Dow is up! No major layoffs in the past 2 weeks! The recession is over. The p-ship meeting was to discuss expansion of the firm and raising to 190K.
What is the stock ticker symbol for "public corporation" Cozen?
This partner joined the firm on 3/17: oops ...
Peter Haley Joins WolfBlock’s Boston Office as Partner
Firm Expands Bankruptcy and Creditors' Rights Practice
FOR IMMEDIATE RELEASE
CONTACT:
Boston – March 17, 2009 – Peter J. Haley has joined WolfBlock’s Bankruptcy and Creditors' Rights Practice Group as a partner in the Boston office.
Prior to joining WolfBlock, Haley was a partner in Gordon Haley LLP, a bankruptcy boutique in Boston.
and.... Boom goes the dynamite
I hear cozen's stock price has been hit hard over the past few months.
how many firms are indispensable? You have a few brilliant original thinkers and fearless litigators and hordes of fungible well dressed serfs. Clients will pay for only the wheat and not the costly leveraged chaff now that it's their money.
__________________________________________
It's not their money for many clients, it's the taxpayers money, especially for the client base at many big law firms.
And in terms of being "indispensable," how many of said clients are "indispensable"? You're mostly talking about a big circle jerk of law firms and investment banks pushing paper around and collecting fat checks for creating exactly nothing.
Now we create nothing in this country, and we're going to have to figure out what to do with all these people who serve no purpose. Everyone can't be a Wal-Mart greeter, especially if there's no one to greet.
Word racing down the halls here is that the partnership meeting just ended and WolfBlock is closing its doors as of May 28.
I thought most lawyers (or law-students, as the case may be) were smart enough to understand how value can be created, at least indirectly, without manufacturing or selling things. But then again, I guess there were plenty of educated idiots like 34 when this country was switching from agriculture to manufacturing too.
17-
Are you drunk?
Thought bankruptcy and IP were fine.
The ship be sinking...
36 - Because fabricating derivative assets has worked out so well for the economy...
I think we found that there is a limit to what you can do with shitpaper.
The ship be sinking...
I was a summer at Wolf Block last year, and got an offer. Does this mean I don't have a job?
What happens to the summers?
Shirley you can't be serious, 42.
#42 - stand in line for a job at McDonalds or Hooters with the summers of 2008 form Thelen, Thatcher, et al. Your Biglaw job will turn into Nolaw at 1:00 today.
Good luck.
Practice saying "Do you want fries with that?" and you will be good as golden in today's economy.
Best of luck to would-be scriveners who are short-order fry cooks.
The summers were told that the the firm was in financially fine. Was that just BS? I picked Wolf because of what they said. Why didn't they just tell the truth so that I could have picked another firm to summer at? What am I supposed to do, can career services protest this, stop them from interviewing or something? Aren't they required under NALP to honor their offers?
42.
Has anyone been able to confirm what 35 said?
I bet 90% of the computers at Wolf are looking at this site and the users hitting the refresh key like a monkey in a research lab pushing a button that gives food pellets.
#42: Yes. Stop them from interviewing for next year. That'll show them.
42, 46. I tottally agree with you and think they should have looked at the big picture and not been deceptive. They should have been upfront with you and said that they were going to close their doors in May. That would have gone over well with their clients and I am sure everyone that was told would have kept it quiet.
42,
Let me put it in a way that an arthritic, blind, and retarded monkey like you can understand -- you are fucked in every way possible.
please stop 42/46.
Yeah, 47 you're right. Its not like they have to use those computers to do legal work.
42, 46. I tottally agree with you and think they should have looked at the big picture and not been deceptive. They should have been upfront with you and said that they were going to close their doors in May. That would have gone over well with their clients and I am sure everyone that was told would have kept it quiet.
52,
ATL 90%
NCAA web sites 8%
Monster 2%.
definitely dissolving
May 28th
I thought most lawyers (or law-students, as the case may be) were smart enough to understand how value can be created, at least indirectly, without manufacturing or selling things. But then again, I guess there were plenty of educated idiots like 34 when this country was switching from agriculture to manufacturing too.
__________________________________________
Yes, educated idiots like you r36 have figured out how to "create value" without producing an actual product or service. It's called bundling subprime mortages into CMOs and other abracadabra securitization crap.
How's that working out for you? Certainly leaves you plenty of time to take a break from the whinefest over at Dealbreaker, where everyone's complaining about losing their "jobs," to come here and make stupid comments too. Congrats!
They are taking the art off the walls in the halls right now. No joke.
They are taking the art off the walls in the halls right now. No joke.
why the fuck does it take this site so long to load.
--pissed off incoming associate
FirsTTT to eat a gun.
1650 Arch Street, 22nd Floor, Philadelphia, PA 19103
Tel: 215-977-2000 | Fax: 215-977-2334 | www.wolfblock.com
FOR IMMEDIATE RELEASE
CONTACT: Brad Hildebrandt
732-560-8888
bwhildebrandt@hildebrandt.com
Philadelphia – March 23, 2009 – The partners of WolfBlock LLP have voted to commence an orderly unwinding of the firm’s business.
WolfBlock will remain in the practice of law for several months to protect the interests of its clients, employees and creditors. The decision to unwind was reached in view of a confluence of unfavorable factors: the economic recession, especially in the firm’s core real estate practice; the constriction of credit occasioned by the ongoing banking crisis; and the intended and anticipated departure of significant partners and practices. The partners concluded that continued efforts to finance the firm’s operations in the face of these obstacles was unwise and could risk greater harm later to firm clients and employees than if the situation were to be managed now in an orderly and responsible manner.
To assure a successful unwinding of its business, WolfBlock has engaged Hildebrandt and Leslie D. Corwin of Greenberg Traurig, LLP, to work with firm leadership to relocate as many people as possible, as promptly as possible, while liquidating the firm’s obligations.
“We are deeply saddened by the decision to unwind,” said Mark L. Alderman, Chairman of the firm’s Executive Committee, “but we intend to conduct ourselves during this difficult time with the pride, focus, humility and determination that have characterized WolfBlock lawyers for more than a century. This result is ironic given that many of our practices and offices continue to perform at a high level despite our difficulties.”
re. 60: because people are scared to lose their jobs in this shitty economy.
Staff at least was told they will get two months of work and then two months of severance pay
So 62, this means I really have to find another job, right? Thanks for your help.
42.
I still say this is a massive flame. The dow is up! The recession is over! Wolf Block should be raising to 190, not unwinding.
re. 60: because people are scared to lose their jobs in this shitty economy.
I purchased thousands of shares of tech stocks back in 2000. I was told they were going to increase in value. Can I sue the companies that no longer exist?
-42
http://www.philly.com/philly/hp/news_update/20090323_Wolf_Block_partners_meeting_today_at_1.html
Quit pretending you're me, 68. I am asking serious questions. Of course you can't sue on tech stocks, everybody knows that stocks go up and down. But this was a JOB OFFER, that's a contract.
Wolf Block recruited me and told me that I had a future there, and now they do this? That can't be legal. They have to do something or give severance.
The Real 42.
yeah, what 30 said.
70 -- Pls explain how job offer == contract? Thanks.
72, Wolf Block made an offer and I accepted -- that's a contract, duh! Didn't you take contracts?
42.
70 -- even if job offer = contract, how is your job anything other than at will.
#42 will make a fine lawyer one day.
Until then, maybe they can buy some of the fine art that is flying off the walls at what was once Wolf Block and hope it increases in value. Steve Martin made a killing doing the art thing.
#42 will make a fine lawyer one day.
Until then, maybe they can buy some of the fine art that is flying off the walls at what was once Wolf Block and hope it increases in value. Steve Martin made a killing doing the art thing.
42 is a 3L at Widener. My boy....you are an at-will employee the day you walk in the door. Good luck with your reliance argument. You will lose however. Everyone knows that no other firm would hire from Widener.
42-
You are clearly an employee at will and screwed as a result, but maybe WB will offer you some assistance in trying to find a new job. You might also want to ask WB for some financial benefit (i.e. severance), but you are probably not entitled to it, and I doubt that WB leadership is feeling generous or in a position to offer it right now--but it never hurts to ask. Its a terrible situation to be in and I hope you land on your feet. Coming straight out of law school, you are a disadvantage with the flooded market of available experienced attorneys and few openings, so you may have to cast a wide net and have some patience. But don't forget that you have a skill set that was attractive to WB in the first place. It will work out for you sooner or later.
Also, don't take any BS from these other smug posters who are kicking you while you're down. They are correct that you don't have any legal recourse, but they have no need to be rude about answering your question. Who knows, they might be given their own pink slips soon? Let's hope not because no one deserves the stress you and other WBers are going through.
There is no severance pay, actually most of the employees don't know what the hell is going on. Some think they don't have to show up and will continue getting paid for the next two months, others think the firm hired consultants to help employees get other jobs and some like 42 think they are getting two months work AND two months severance. Let me tell you NONE of that is even close to being correct. If you leave, you quit. If you stay for the next two months you get paid for your work. On your last pay check you get only what you actually worked for unlike the people that got laid off earlier got two months, those that stuck it out with the company get nothing 'extra'. THIS after they have been shoving it up our asses that 'everything was going to be ok' and that 'there will be no more lay offs'. I work there, at least until May and I have to say this is ALL BASED ON PURE GREED!!!