Bankruptcy, Dewey & LeBoeuf, Dissolution, Lateral Moves, Law Firm Mergers, Musical Chairs, Partner Issues, Patton Boggs, United Kingdom / Great Britain

Dewey Have Any Shot of Surviving? Internal Memo Urges Partners To Seek 'Alternative Opportunities'

An internal memo urges partners at Dewey & LeBoeuf to seek "alternative opportunities." Yikes....

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This memo was posted in the comments on a prior post. We believe it’s the complete memo in question, but if you have reason to believe otherwise, please let us know. (“OC” stands for “Office of the Chairman,” and “EC” stands for “Executive Committee.”)

DEWEY & LEBOEUF — MEMORANDUM — PARTNER DEPARTURES

To: Global Partners

From: Office of the Chairman

The EC and OC have determined that, given the current situation, the priority of the firm should be to help partners to find the best opportunities for their clients, the firm’s employees, and themselves. In this regard, we will continue to discuss potential transactions with other firms and present opportunities to partners that arise from these discussions. At the same time, all partners, including EC and OC members, are encouraged to seek out alternative opportunities for themselves or groups of partners, as appropriate, but to keep the OC advised of these opportunities if they come to fruition so that these can, if possible, be carried out in a coordinated and mutually beneficial manner. The EC has determined that it is in the best interest of the firm that OC and EC members and the Executive Partner continue to serve on these bodies while they seek out opportunities.

All partners should feel free to pursue such discussions, including with any firms that have previously been in discussions with the firm. In connection with such discussions, we ask that you advise any firms you consider that it may be beneficial to DL’s creditors for you to continue collecting outstanding receivables and unbilled inventory from clients whose matters move with you to new firms. This could also lead to arrangements that are beneficial to all parties. To the extent a new firm may need some of our associates or nonlegal staff, you can discuss them with them so that we can coordinate and help provide new jobs for our employees.

Please note that the firm is carrying on its business, servicing its clients, and paying its bills. At the same time, it is undertaking to find new employment for its legal and nonlegal staff while administering its assets carefully. We thank everyone for their continued support during this difficult time.

Sponsored

While it should be unnecessary to say, this email is confidential and should not be shared with anyone else inside or outside the firm, including the press.

JOHN ALTORELLLI — EMAIL TO FORMER DEWEY PARTNERS

(Via the Daily Journal (sub. req.).)

Dear Colleagues,

It has been difficult watching the events unfold at our former firm. I feel terrible that I could not have done more to save the firm and the people who gave so much to the firm. I can no longer stand by without attempting to do something for the employees who remain at Dewey & LeBoeuf. I am in the process of taking the following actions steps: (1) finding a placement agency to help current D&L employees find new jobs in the event that D&L is no longer able to provide employment, (2) asking my new firm (and hope you will do the same) to offer jobs to as many employees and associates as we can (including members of the recently cancelled incoming summer associate class) in the event those employees and associates lose their jobs, and (3) soliciting donations from former partners of D&L to provide cash to employees who are in dire need as a result of losing their jobs at D&L.

Sponsored

I am going to make an initial donation of $10,000. I hope others will join me with donations of any size. I will return to the donors, on a pro rata basis, any funds that are not given to employees of D&L.

Shortly, I will be circulating more information on how to donate funds, how the funds are to be used and/or returned, and who to contact to assist with hiring D&L employees and associates who desire a job. I also am open to your help with any of the above.

I hope you all are doing well given the circumstances and hope you keep in touch.

Dewey & LeBoeuf Said to Encourage Partners to Leave [DealBook / New York Times]
After Latest Departures, Dewey Leaders Tell Remaining Partners They Are Free to Start Looking
[Am Law Daily]
Breaking: Dewey London partners in talks over wind-down of UK arm [Legal Week via ABA Journal]
Dewey & Leboeuf Aims to Avoid Bankruptcy, Bienenstock Says [Bloomberg Businessweek]
Dewey tells partners to start looking elsewhere [Daily Journal (sub. req.)]

Earlier: Dewey Have More Partner Departures To Report? Sadly, Yes
Dewey Have Good News To Report? Quite Possibly

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