Breaking News: LeClairRyan files for bankruptcy

LeClairRyan, the battered Richmond law firm that in recent weeks announced it would shut down in the face of mass defections, has filed for bankruptcy.

The firm, headquartered in the SunTrust Center downtown, is seeking Chapter 11 bankruptcy protection, according to its initial filing Tuesday morning.

It lists a range of 200-999 creditors owed between $10 million and $50 million. The firm claims assets of $10 million to $50 million.

The initial filing lists only 20 unsecured creditors. Among them is Parmenter Realty, a Miami-based firm that owns the SunTrust Center. It is owed $414,000, according to the filing, presumably for unpaid rent.

The firm states in the filing its expects funds to be available to pay back to creditors.

Richmond attorneys Tyler Brown and Jason Harbour of Hunton Andrews Kurth are representing LeClairRyan in the case. Protiviti is its financial adviser for the liquidation.

Initial hearings in the case are set for this afternoon.

The filing is signed by Lori Thompson, chair of the firm’s dissolution committee. Thompson is performing that duty while having recently moved to the Roanoke office of Spilman Thomas & Battle, a West Virginia law firm.

The firm states in a consent form included in the filing that it is “in the best interest of the company, its creditors, stakeholders and other interested parties,” to file for Chapter 11 relief.

The form was signed by Thompson, as well as recently departed CEO Erik Gustafson, who stepped down last week.