As reported in the Wall Street Journal today, the nation-wide Social Security Disability firm of Binder and Binder formally filed for bankruptcy last night in New York. The bankruptcy petition filed with the Court is 62 pages long (we will post on Monday) and lists current total employees as of October 2014 at 966. The bankruptcy petition indicates that the staff at Binder & Binder will shrink, presumably by closing offices and layoffs, to 355 employees as of December 2016. In addition, employee benefits will shrink by approximately one third.
According to the petition filed in Court, there will be no more Call Center employees or Case Interviewers by June 2015. Also, many talented employees will immediately try to find new positions in other Social Security Disability law firms. Finally, the current active client caseload of 57,968 is estimated to shrink to 15,163 by December 2016. This most likely means that Binder & Binder will stop taking any new cases immediately and simply wind down the existing stockpile. Many existing clients are likely to abandon ship now and retain new Social Security Disability lawyers.
This is a sad day for all of Binder’s Social Security Disability clients who are currently represented by… “America’s Most Successful Social Security Advocates”.