Lawyers

Bankruptcy Law Firm Stutman Treister & Glatt Set to Pull Down Shutters
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Los Angeles-based bankruptcy law firm Stutman Treister & Glatt has announced that it will be closing its doors on May 1, 2014. With a practice of more than 60 years, when a firm has to go, it rings a warning bell, even in passing – adapt or perish.

The 25-lawyer bankruptcy boutique firm gained immense popularity for advising on Chapter 11 proceedings of companies like Lehman Brothers and Enron Corp. Its demise comes in the wake of a huge drop in corporate bankruptcy filings in the U.S.

  
What
Where


In 2013, only 44, 012 Chapter 11 cases were filed. This was less than half the number of corporate bankruptcy filings in 2009 when 96,449 companies filed cases, as per data compiled by Epig Systems.

Additionally data from the United States Courts website shows that Chapter 11 filings fell by 36 percent between 2010 and 2013, from 15,251 filings to 9,811. Bankruptcy lawyers are of the opinion that the shuttering of Stutman signals that a downturn in Chapter 11 proceedings has greatly hurt the top U.S. bankruptcy law firms.

Stutman Shareholder Jeffrey Davidson told the media, “We’re in an economy that has had a significant dropoff in Chapter 11 activity.” While he declined to comment on the closure of Stutman, he referred to the statement in the California legal trade publication, The Daily Journal, which affirmed that the firm “has determined that it is in the best interest of our clients, creditors, shareholders and employees that we cease the practice of law.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Davidson will join Pachulski Stang Ziehl & Jones, a larger bankruptcy firm, along with Stutman shareholders Isaac Pachulski and Gabriel Glazer.  He also said companies that previously filed for bankruptcy now opted for refinancing because of lower interest rates offered by banks. And this had hurt the business for bankruptcy lawyers.





 

RELEVANT JOBS

Corporate and Federal Taxation Attorney

USA-NC-Winston Salem

Spilman Thomas & Battle, PLLC is currently seeking an experienced corporate and federal taxation att...

Apply now

Associate Principal Data Analyst, Data Privacy

USA-MD-Rockville

The Data Privacy & Protection Office (the Privacy Office) is responsible for ensuring that FINRA mee...

Apply now

Principal Counsel, Ethics

USA-DC-Washington

The Ethics / Code of Conduct Office (the Ethics Office) is responsible for ensuring that FINRA execu...

Apply now

Associate General Counsel, Labor & Employment

USA-DC-Washington

The Associate General Counsel, Labor and Employment provides legal counseling to the company on empl...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Family Law and Estate Planning Attorney

USA-NH-Nashua

Nashua office of our client seeks family law and estate planning attorney with 3-10 years of experie...

Apply Now

Civil Defense Attorney

USA-WI-Waukesha

Waukesha office of our client seeks civil defense attorney preferably with 7 years of litigation exp...

Apply Now

Senior Litigation Associate Attorney

USA-GA-Atlanta

Atlanta office of our client seeks senior litigation associate attorney with 8+ years of experience ...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top