Canadian firm Heenan Blaikie winds up
Heenan Blaikie has fallen apart after more than 40 years in the business. The partners got together to vote to begin an “orderly wind-up” of the firm’s affairs.
The firm’s troubles became acute after financial difficulties prompted a delay in partner payments, and then the issue of cheques to those that couldn’t be paid. When law firm leaders announced that Heenan Blaikie was still “financially sound,” but that profits per partner were down by 10-15 percent, partners started leaving the firm in droves, and since then more than 40 partners have left the firm.
And now the firm has decided to give up on restructuring options in favour of this orderly wind-up, which allows the firm to continue serving the its clients without interrupting or disrupting service and to ensure a harmonious transfer of their files to other law firms. Some practice groups intend to carry on much as before, launching boutique practices under new names.