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The Portland law firm of Bullivant Houser Bailey PC is celebrating its 75th anniversary this month, according to The Portland Business Journal. The celebration is a major milestone, especially since many wondered if the firm would survive when 30 shareholders left in 2011 along with 26 attorneys that held titles of counsel or associate.
In the four years prior to October of 2011, 38 partner-level attorneys left the firm. In Portland, there are 34 attorneys and 57 across the entire firm. Beth Skillern is the managing shareholder. She said that 31 attorneys are shareholders, 15 are associates and 11 are of counsel.
The attorneys who left the firm gave various reasons, but the most common was that the firm was expanding itself into too many areas of practice. Many wondered if the firm would survive since the shareholders who left had a right to be reimbursed the money they invested in the firm.
The Business Journal received a letter in October of 2011 that said that firm was facing paybacks totaling $1.6 million. According to Skillern, the firm has finalized agreements with all of the shareholders except for two. The firm had the right to reimburse the money over a 10-year period.
“Some people accepted the 10 years, other people were convinced we were going to close our doors, or just wanted to be done with us, and they agreed to take a compromise amount,” she said.
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