Sedgwick Declares Bankruptcy in Filing that Traces the Law Firm’s Downfall
Sedgwick, the dissolved law firm, filed for bankruptcy Tuesday in federal bankruptcy court in San Francisco, reports the ABA Journal.
“The firm generally estimates its liabilities at up to $50 million and says in a declaration that there are about $32.6 million in claims from the termination of office leases as well as about $9.2 million owed in accounts payable. The firm had assets of about $1.56 million in cash and recoverable accounts receivable of about $1.5 million, the declaration says.”
“The firm is analyzing whether it has clawback claims against former partners.”
“Sedgwick had its best year in 2012 with $212 million in gross revenue … According to the bankruptcy declaration, Sedgwick ‘established a well-deserved reputation for high-end insurance work and as one of the pre-eminent product liability firms in the country.’”
