At The Legal Intelligencer:

The Philadelphia legal community is abuzz with talk this weekend about the future of Wolf Block.

Several sources have said members of the executive committee met Saturday to discuss a possible dissolution of the firm. The matter is said to be set for a full partnership vote as early as Monday. A decision to dissolve the firm would need to be approved by at least 75 percent of the partnership, one source said.

The potential disappearance of Wolf Block and its storied name was described by many in the community as a “sad” turn of events. The 300-attorney firm, once one of the largest and most prominent in the city, has been looking for a merger partner for more than two years.

Change always brings feelings of nostalgia. But a law firm really is just the sum of its parts. The partners’ current arrangement isn’t working to their satisfaction, so it’s time to walk their separate ways.

The lawyers will go elsewhere, some big, some small, some solo. The clients will, in general, follow their lawyers. No expertise has been lost, minimal capital wasted. Indeed, it’s hard to see how the legal market for either providers or customers will be affected. If you didn’t tell the client, they probably wouldn’t even know.

Something to keep in mind at all times — the legal market is just plain different from most.

[UPDATEDTo clarify, of course this is sad for all the employees, like associates and, moreso, staff, who have at the very least been disrupted and possibly put out of work, but that’s not what all the sources quoted and articles were "sad" about. They were "sad" that the partners at an old law firm voluntarily sought more profitable opportunies. That’s not "sad" in the same way as when the manufacturer of a particular good, or the only provider of a particular service, goes out of business.]