Last of LeClairRyan’s Partners Battle Opaque Tax Threat
Ethics & Professional Responsibility Litigation Partner Ronald C. Minkoff is quoted in the article, “Last of LeClairRyan's Partners Battle Opaque Tax Threat” published by Law360. The article discusses LeClairRyan’s failed conversion strategy deal with UnitedLex and the outstanding tax liability of the last standing shareholders. Ron called the tax scuffle an unusual but striking illustration of the problems waiting for the last shareholders of a bankrupt law firm. He is quoted saying, “The logistical mess of being the last ones at a firm when it's shutting down, it's extraordinary. They're the ones who have to deal with the angry clients, figure out where all the files go, and they're going to be the first ones that the banks or creditors go after, just because they're still around” and “Let's just say, no one is going to show you any consideration for being there at the very end.”
Read the full article here. (Behind paywall)