Our friends at the Am Law Daily blog point out today that while some law firms are raking in the dollars from their bankruptcy practices, the rise in bankruptcy filings also cuts both ways. Many law firms—Atlanta’s Alston & Bird among them—are still owed money by some bankrupt companies.
One of those companies is Dynogen Pharmaceuticals Inc., which on Monday filed for Chapter 7 in U.S. Bankruptcy Court in Boston. The Waltham, Mass. company listed more than $10 million in liabilities and a paltry $18,393 in assets.
Among those holding I.O.U.’s from Dynogen is Alston & Bird. Alston’s Raleigh, N.C. office is owed $47,311.73 for patent and intellectual property legal services handled in 2008, according to a court filing. The filing doesn’t specify which Alston attorneys performed the work. Alston has a dozen attorneys in its Raleigh office, virtually all of them in the firm’s IP practice group. Alston's home office, of course, is One Atlantic Center in Atlanta. [photo, right]
Jones Day and McCarter & English are among the other law firms still owed by Dynogen.