McGlinchey Stafford, the New Orleans-based law firm that shuttered last month, filed for bankruptcy to address more than $10 million in liabilities with former lawyers, vendors, and large financial institutions.
The firm’s Chapter 7 liquidation proceeding, initiated Thursday in the US Bankruptcy Court for the Eastern District of Louisiana, will also see McGlinchey attend to client files and money held in trust accounts that need “immediate attention,” it said.
The firm owes money to more than 500 people and institutions, including the law firm Allen Matkins, ex-McGlinchey lawyers who left for Ballard Spahr and Fisher Phillips, and
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