Richmond-Based LeClairRyan Law Firm Files for Bankruptcy

After experiencing dramatic declines in gross revenue and profitability and an exodus of lawyers in recent years, the Virginia-based legal giant LeClairRyan has filed for bankruptcy, reports the Richmond Times-Dispatch.

The firm filed the petition Tuesday morning in the U.S. Bankruptcy Court in Richmond, writes Gregory J. Gilligan of the Times-Dispatch.

At its peak, the 30-year-old firm had 25 offices nationwide and almost 400 lawyers.

The firm listed between $10 million and $50 million in estimated assets and liabilities, bankruptcy court documents show.

Read the  Times-Dispatch article.