Professor Hillman Comments on Dewey & LeBoeuf Turmoil for Media Including Wall Street Journal
Lawyers are typically required to make substantial capital contributions to a firm when they become partners, and often have difficulty in recovering funds if a firm goes bankrupt, Hillman said. "They fund the business, and they are the last to get money out of the law firm," said Hillman. "Usually in a bankruptcy situation, there is not enough money to go around."
Professor Hillman also commented for an article on the situation in AmLaw Daily, outlining the procedures typically followed during a partnership dissolution.
Robert Hillman is a Professor of Law and holds the Fair Business Practices and Investor Advocacy Chair at UC Davis School of Law. He is a scholar in the fields of international transactions, securities regulation, and corporate and partnership law.