Ruden

Ms. Ruden is the author of "Paul Among the People: The Apostle Reinterpreted and Reimagined in His Own Time" (2010).

In All Her Infinite Variety Sarah Ruden 2010

"It is rewarding to be able to provide a sense of security and also new opportunities to the people who have been so good to the firm over the years," Michael Krul , Ruden's former managing partner and a new Greenspoon partner, said in an emailed statement.

In a Court of Last Resort Jacqueline Palank 2011

Attorneys say Ruden McClosky was the first to go in with the idea that it would sell its still-operating firm to another entity.

In a Court of Last Resort Jacqueline Palank 2011

Greenspoon will now employ about 140 attorneys thanks to the 50 new Ruden attorneys joining its ranks.

In a Court of Last Resort Jacqueline Palank 2011

Founded in 1959, Ruden offered a wide range of legal services.

In a Court of Last Resort Jacqueline Palank 2011

The deal, which closed on Dec. 5, allowed Ruden to pay creditors and saved 130 attorney and nonattorney jobs, according to Mr. Singerman.

In a Court of Last Resort Jacqueline Palank 2011

"That would have saddled Greenspoon with all of Ruden's liabilities," says Paul Steven Singerman , Ruden's bankruptcy attorney.

In a Court of Last Resort Jacqueline Palank 2011

So the decision by Ruden McClosky, a firm that specialized in real-estate law, to use the bankruptcy process to cinch a $7.8 million cash-and-debt sale to a new owner last Monday has made it something of an innovator in the legal profession.

In a Court of Last Resort Jacqueline Palank 2011

To protect the fledgling deal and to address nearly $19 million in debt, Ruden turned to the U.S. Bankruptcy Court in Fort Lauderdale, Fla.—not to liquidate or reorganize, but to oversee its sale.

In a Court of Last Resort Jacqueline Palank 2011

A Way Out Ruden McClosky's route to a new owner is likely to encourage other law firms to seek help in bankruptcy court.

In a Court of Last Resort Jacqueline Palank 2011