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ARTICLE · 26 NOVEMBER 2014

Ex-Thelen Attys Lose Bid To Keep Partner Draws

Fox Rothschild LLP
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A New York judge ruled for a group of former Thelen LLP partners to return cash advances they received in the months before the firm’s collapse based on revenues that were never realized.

United StatesMedia, Telecoms, IT, Entertainment
Law 360
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Yann Geron was featured in the Law360 article, "Ex-Thelen Attys Lose Bid To Keep Partner Draws."  Full text can be found in the November 24, 2014, issue, but a synopsis is below.

A New York judge ruled for a group of former Thelen LLP partners to return cash advances they received in the months before the firm's collapse based on revenues that were never realized.

The trustee, Yann Geron has settled clawback claims against more than 130 attorneys. However, new suits have launched as recently as August 2013, seeking the return of partner draws, unpaid capital contributions and outstanding loans receivable.

Similar to many trustees for defunct New York law firms, Geron suffered a major setback when the New York Court of Appeals effectively eliminated "unfinished business" suits seeking profits on client matters earned by former partners hired by other firms.

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