"There was no single triggering event or one definitive action that brought us to this point. This is not because of any specific attorney's departure, or any individual financial decision or leadership action that led us to this point. This is the result of a combination of market factors, such as lagging collections, compounded with various internal factors over several years."
"As law firms look ahead to 2026, the legal sector's outlook is one of continued opportunity - but the abrupt closure of a firm in the first week of the new year is a stark reminder that some instability in the market remains. McGlinchey Stafford - a Louisiana-based firm on the NLJ 500 with 18 offices spread across the Southeast and Northeast - announced last night that it would be closing its doors, apparently to the surprise of the bulk of its employees."
McGlinchey Stafford, a Louisiana-based NLJ 500 firm with 150 lawyers and 18 offices across the Southeast and Northeast, is closing after equity partners voted to wind down. Many staff reported receiving no warning and described the situation as chaotic, with employees kept in the dark. Managing member Michael Ferachi stated the closure resulted from a mix of market factors, including lagging collections, along with various internal issues accumulated over several years, and not from any single triggering event or specific individual action. The closure underscores ongoing opportunity in the legal sector alongside persisting market instability.
Read at Above the Law
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