Bankruptcy, Biglaw, Boutique Law Firms, Law Firm Mergers, Partner Issues, Patton Boggs, Religion, Small Law Firms

Dewey Know Why Patton Boggs Is Consulting A Top Bankruptcy Lawyer?

Albert Togut: man with a plan (of reorganization).

Maybe the floundering firm of Patton Boggs can actually right itself. It doesn’t have the Biglaw mark of Cain, namely, a name that lends itself to bad puns — e.g., Dewey and “do we,” Howrey and “how are we,” and Thelen (rhymes with “feelin'”). In hindsight, Patton Boggs did the right thing when it dropped George Blow’s name from the marquee and went from “Patton Boggs & Blow” — a name we would have had a field day with — to simply “Patton Boggs.”

(Yes, Patton Boggs has some pun potential. But there are only so many “bogs down” and swamp-related plays on words to be had. Yes, even for us.)

Luckily, for the time being we can use some “Dewey” puns. Because Patton Boggs, for whatever reason, is using all of Dewey & LeBoeuf’s old advisers….

Yesterday we mentioned Patton Boggs’s decision to retain Zolfo Cooper, the financial advisory firm that helped Dewey work it all out. Now we bring you this news, from Casey Sullivan and Nick Brown of Reuters:

Al Togut, the bankruptcy and restructuring lawyer who advised the law firm Dewey & LeBoeuf before its collapse in 2012, and through its subsequent Chapter 11, has been consulted by the 400-lawyer Patton Boggs, said two of the sources who declined to be named because the matter is not public.

One of the sources said Togut has been formally retained. Togut could not be reached for comment.

Was he or was he not retained? Those of you who followed the Dewey drama may recall similar ambiguity over Togut’s role back then. It was ultimately revealed that yes, he was hired — despite Dewey denials.

And Patton Boggs isn’t even denying it:

Patton Boggs managing partner Edward Newberry did not confirm or deny the hiring of Togut. He said in an email that Reuters was “barking up the wrong tree” by asking about the matter.

“The suggestion that bankruptcy is an issue is so far from the mark as to be laughable,” he said without giving any further details.

Ha. Ha. Ha.

In fairness:

The hiring of Togut does not necessarily mean Patton Boggs is planning a bankruptcy filing. For example, the firm could be looking for additional legal help on restructuring the firm’s business, the sources said.

Or maybe Patton Boggs wants to merge with Togut, Segal & Segal? Over the past few months, Patton Boggs has been talking about its exciting strategic discussions with some unknown New York firm. An 18-lawyer bankruptcy boutique sounds like the perfect lifeboat for a Biglaw firm with more than 350 attorneys.

Today is Ash Wednesday. Over at Law and More, Jane Genova argues that Patton Boggs should try and save itself by following the example of Pope Francis.

I agree. Here, try this:

Law firm Patton Boggs engages former Dewey restructuring adviser [Reuters]
Pope Francis, Turnaround Expert: What Patton Boggs can learn from him [Law and More]

Earlier: Patton Boggs Down In The Dumps, Hires Financial Advisers

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