Wolf Block Closing

Monday's official announcement that venerable Philadelphia firm Wolf Block is closing is a sad exclamation point to my five part series on the importance of a robust Restructuring practices to full service firms.

My business career was launched in Philadelphia and I have long respected the firm and many of the fine lawyers of the firm. Like with the closing of San Francisco's Heller Ehrman, this closing is a clear warning shot that in this economy firms of all size are vulnerable, as discussed in the lead article in the just concluded five part series: Law Firm Alert.

I will leave to others to analyze all of the reasons for the demise of Wolf Block. As Gina Passerella of the Philadelphia Legal Intelligencer wrote, There Are No Easy Answers. But, it is worthy of note that Wolf Block was not listed as having a top rated Restructuring practice in Chambers. In other words, they did not have the strong engine that could help carry them through tough times.

Chambers has long recognized noted Wolf Block bankruptcy attorney Michael Temin as a Senior Statesman. However, their practice group is not rated. Now, Chambers' ratings are not perfect. But, I find them to be a relatively accurate barometer of market perception.

One fine bankruptcy attorney does not necessarily make a great Restructuring practice...a fact that many firms will, regretfully, soon see.

Have you taken my ten point test for law firms as to the likely success of your firm's Restructuring practice. The test will take you less than ten minutes to complete and will give you valuable insights into whether your practice will likely be one of the winner. The test starts here.