Law firm failures
When a law firm collapses, it’s not just the partners that risk being left high and dry. General counsel need to think carefully about a contingency plan should their chosen adviser face a shutdown.
In the summer of 2008, Cambridge-based infrastructure software firm Autonomy Corporation [now HP Autonomy] began working on a US acquisition. A UK-listed public company, Autonomy had its eye on California-based software company Interwoven, and a deal valued at $775 million. Such a large takeover would require Autonomy to approach its institutional investors for funding, through a placing to raise £220 million, and to set up a new revolving credit facility of up to $200 million.
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