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.
Two years ago, the mega law firm Dewey and LeBeouf shocked the legal world when it announced, out of the blue, it would be filing for bankruptcy following an exodus of employees as the money had run out. However, as usually happens in cases like these, it was not just gross incompetence that was at fault: one must usually add major act criminality to explain such a rapid fall from grace. Such was the case in the Dewey bankruptcy too.
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.