Dewey & LeBoeuf, the New York law firm crippled by financial mismanagement, an exodus of partners and a criminal investigation of its former chairman, encouraged its partners on Monday evening to look for another job, according to an internal memo.
US law firm Dewey & LeBoeuf has filed for bankruptcy after a partner exodus, in what the New York Times called the biggest law firm collapse in US history."Unlike most other Chapter 11 cases, this filing does not anticipate a return to business but rather a managed wind-down of affairs, followed by liquidation," the firm said in a statement late Monday."The needs of all of the firm's law clients continue to be served, mainly by former Dewey & LeBoeuf law partners who have moved on to other firms in recent months," it said.
A 29-year-old overachiever who worked for the now-defunct law firm Dewey & LeBoeuf after college got indicted recently with the top leaders of that firm, and his inclusion in the indictment has baffled many in the legal industry.
Dewey & LeBoeuf, the corporate law firm fighting for survival, ousted Steven H. Davis, its former chairman, from the firm's management on Sunday and ended talks with a potential merger partner, according to an internal memo.