NEW ORLEANS — New Orleans-based law firm McGlinchey Stafford PLLC is closing its doors after 50 years of litigating the state's biggest cases, NOLA.com reported. 

The news of the firm's dissolution comes from an internal email sent to McGlinchey Stafford's 160 attorneys and support staff, NOLA.com reported Tuesday evening. 

Managing member Michael Ferachi, who is based in Baton Rouge, said McGlinchey’s “Equity Members” voted Monday evening to begin to wind down the firm. The formal date the dissolution will be finalized has not been set yet. 

"This is not because of any specific attorney’s departure, or any individual financial decision or leadership action that led us to this point," Ferachi said. "This is the result of a combination of market factors, such as lagging collections, compounded with various internal factors over several years.”

The firm was founded in 1973 and eventually grew to have 18 offices in 12 states and Washington, D.C.