Is the "Unfinished Business Rule" Really Finished?

June 8, 2015

By: Devika Kewalramani, James M. Sullivan, and Daniel A. Hoffman

The Practical Lawyer

Devika Kewalramani, James Sullivan and Daniel Hoffman published an article that was featured in The Practical Lawyer magazine June 2015 edition.  It discusses the New York Court of Appeals has held that existing matters are not property of a bankrupt firm, rejecting the "unfinished business rule." However, the rule is far from universally finished. Given its unburied state across the country, multi-office law firms and their lawyers should not only be aware of its wide-ranging impact on their practices, partnership agreements, rights to fees and profits, and ethical obligations, but should consider taking careful steps to avoid being subjected to the not-yet-finished, unfinished business rule.

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