If this were a nature show, Dewey & LeBoeuf would be a prey animal that looks normal to the naked human eye, but you can deduce that it’s seriously wounded because of the vultures circling around overhead. Everybody seems to be waiting for things to go from bad to worse.
Of course, according to Dewey management, everything is going just fine. I mean, what do you expect them to say? It’s Dewey, not Gondor. The managing partner isn’t going to have press conference where he screams, “Abandon your posts! Flee! Flee for your lives!”
Instead, we have this quote from Dewey Chairman Steven Davis in the Wall Street Journal (subscription): “We are producing the best work in the history of the firm and producing some of its strongest ever results… The overwhelming majority of our partners are excited about our future.”
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Uh huh.
Well, apparently those “strongest ever results” aren’t translating into “cash money” for people who work at the firm….
Dewey management can talk all they want, but Dewey associates will have to wait for the future if they want to see their bonuses. The WSJ reports that associate bonuses will not be paid until sometime after May 31st. Bonuses are usually paid April 1st.
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UPDATE: Some of our commenters are saying that the firm will pay bonuses “no later than May 31st.”
Said one Dewey associate who texted in: “Like I’m even going to still be here in June.”
That’s a critical point: we’ve seen Dewey partners jumping ship, but Dewey associates are pretty much taking all calls from recruiters. We know from past experiences that when firms get into this situation, the partners take care of themselves, but the associates are on their own.
So if associates have an offer, they’re probably going to take it instead of trying to wait around for their bonuses.
Obviously, we’ll continue to keep a close eye on Dewey. Also, a lot of legacy Dewey Ballantine and legacy LeBoeuf Lamb people are starting to blame each other for the situation at the firm. If you have thoughts on that turkey shoot, let us know.
Dewey Partners Get Pep Talk [Wall Street Journal] (subscription)