The partners of 106-year-old Philadelphia-based law firm WolfBlock LLP last week voted to dissolve their partnership and unwind the business, the firm announced.
The firm, with a core real estate practice, cited the economic recession, the difficult credit conditions, and the anticipated departure of key partners and practices as its reasons for dissolving the firm. The firm said it will work over the upcoming months to "protect the interest of its clients, employees, and creditors."
"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," WolfBlock said in a release.
The economic crisis has taken a toll on law firms across the country. Many firms have laid of lawyers and some, like WolfBlock, have voted to dissolve their partnerships.
WolfBlock had a small public finance practice. It served as bond counsel on six deals with a par value of $456.1 million last year, according to Thomson Reuters.
The firm has hired Brad Hildebrandt of Hildebrandt and Leslie D. Corwin of Greenberg Traurig LLP to unwind the business and liquidate the firm's obligations. The firm's leadership will try to place people throughout other organizations, it said.
"We are deeply saddened by the decision to unwind, 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," WolfBlock executive committee chairman Mark L. Alderman said in a statement. "This result is ironic given that many of our practices and offices continue to perform at a high level despite our difficulties."