Russell Burbank of BPM is overseeing the winding down of Archer Norris as its liquidating manager.
“This is the classic problem that law firms run into when they have fixed costs … and overhead, and you need a certain minimum number of attorneys,” said Burbank, meaning that having fewer attorneys did not offset costs like real estate.
“The collective view was: Is it better to turn a firm around and restart it, or is it better or more cost effective to let the firm die and then have the key professionals find a fresh start elsewhere?” Burbank said. The latter “pretty much was the conclusion,” he said.
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