LA Bankruptcy firm Stutman Treister & Glatt closes
Stutman Treister & Glatt is set to close its doors on 1 May. A statement explained that the 25-lawyer operation - which also has offices in New York and Utah - is no longer viable in light of a decline in Chapter 11 filings.
The statement said that Stutman Treister "has determined that it is in the best interest of our clients, creditors, shareholders and employees that we cease the practice of law."
Stutman partner Jeffrey Davidson said that many companies are taking advantage of low interest rates and dealing with their financial troubles via bank loans rather than filing for bankruptcy. The number of new Chapter 11 cases has fallen by more than a third between 2010 and 2013, from 15,251 to 9,811 filings.