Another Law Firm Dissolves. Do Bad Things Really Come in Threes?
Tomorrow, March 15, the end will finally come for Howrey. Later this month, the law firm of David J. Stern, formerly known as Florida’s foreclosure king, will shut its doors.
This week, we’ve got another sizable law firm announcing its dissolution. Obviously not everybody is catching on to this economic recovery. While some firms are doling out the green, in the form of spring bonuses, other firms are handing out pink slips.
Today’s law firm obituary also comes from South Florida. Yes, we know, shocking that Florida is still suffering the effects of the recession. But there are another 280 people down there who will soon need to find new jobs….
The Business Case For AI At Your Law Firm
The firm that’s all done is called Yoss LLP. The South Florida Business Journal reports:
Yoss LLP, one of South Florida’s largest law firms, announced Monday morning that it is closing. About 180 attorneys and at least 100 staff will be laid off, a spokeswoman said.
The Coral Gables-based firm had been struggling with a downturn in the economy and cutbacks in its real estate practice when founder Hank Adorno was suspended by the Florida Supreme Court last fall.
Hmm, a Floridian firm based on real estate, whose founding partner has been suspended? You at least hope the people working at the Yoss firm were not shocked and surprised by today’s developments.
Sponsored
Generative AI In Legal Work — What’s Fact And What’s Fiction?
Navigating Financial Success by Avoiding Common Pitfalls and Maximizing Firm Performance
Is The Future Of Law Distributed? Lessons From The Tech Adoption Curve
Navigating Financial Success by Avoiding Common Pitfalls and Maximizing Firm Performance
Still, it’s always sad to see a firm fall. It means fewer legal jobs — and more competition for the lawyers already out there, as law schools keep churning out the next generation. We wish the former Yoss employees good luck as they seek new opportunities.
On to the next question: Which law firm will be the next to fall? Is there any speculation out there that we’ve been missing? Or are we (hopefully) done with dissolution for 2011?
Yoss LLP law firm to close [South Florida Business Journal]
Wong Fleming Breaks Away from Yoss to Become Nation’s Largest Women-Owned Law Firm [ABA Journal]
Another Senior Partner Is Poised to Exit Struggling Yoss Firm [ABA Journal]
Yoss LLP to dissolve by month’s end [Daily Business Review (subscription)]
Earlier: Howrey LLP, RIP: Partnership Votes to Dissolve
Sponsored
Legal AI: 3 Steps Law Firms Should Take Now
The Business Case For AI At Your Law Firm
YOSS LLP — MEMORANDUM TO EMPLOYEES
As we are sure you are aware, these have been extremely difficult times for the firm. Over the past few months we have been dealing with many issues that have had a negative impact on the firm’s ability to continue. After meeting with the Bank and evaluating the firm’s status and financial position the decision was made to wind down its operations.
Accordingly we are giving to each of our employees the following notice:
It is anticipated that the firm will continue to provide legal services to its clients and will continue to conduct its regular business through March 31, 2011. Effective March 31, 2011, the firm will permanently close most of its facilities and will cease to provide legal services and will begin winding down operations. We hope to accomplish this with the least possible disruption to the lives of our employees, our clients and the community.
With the exception of several employees needed for the wind down period all employees of the firm will be laid off between now and March 31, 2011.
