In August of 2009, while driving around Silicon Valley after speaking at Santa Clara Law, I saw an office park in East Palo Alto with a sign that jumped out at me. Being a Biglaw groupie, I stopped and snapped a picture:
I parked, got out of my rental car, and walked around. I was struck by the beauty of the overall office complex, with its expansive plaza, immaculate landscaping, and fountains. It was a veritable law firm Xanadu!
Today we’ll give you a double dose of Dewey. This morning we published an eloquent email from a Dewey paralegal, which looked at the story from a human-interest perspective. Now we shall return to the business aspects of the crisis.
Thus far, the story of Dewey & LeBoeuf has been told primarily from the perspective of lawyers. On the whole, the coverage has been quite partner-focused, centered on which partners are defecting to which rival law firms. There has been somediscussion, but not a huge amount, of the plight of associates.
There has been even less discussion of the support staff. But if Dewey goes under, staffers will also lose their jobs. And in this day and age of law firms slashing staff, secretaries and paralegals may have a harder time finding new positions than attorneys.
Here is one paralegal’s perspective on what’s going on at D&L….
Here in New York, the theater community is gearing up for the Tony Award season. Which shows will snag coveted nominations for best musical and best play?
In the world of Biglaw, though, there’s no competing with the drama now unfolding at Dewey & LeBoeuf, the once elite and now rapidly imploding law firm. Thus far, the story of Dewey has been dynamic but depressing, more tragedy than comedy.
But might that change? Could the tale of D&L end happily, like a Shakespearean comedy — with a wedding?
Ekaterina Rybolovleva: 'But daddy, I want an $88M apartment now!'
* No dowry, no problem: Dewey we have a suitor for this imploding Biglaw firm? Rumor has it that Greenberg Traurig was seen whispering sweet nothings into D&L’s ear about its possible interest. [Am Law Daily]
* BlackBerry maker Research In Motion has hired Milbank Tweed to work out a restructuring plan. Just think, maybe if your product didn’t suck so hard, you wouldn’t be in this position in the first place. [Reuters]
* Sex, money, and betrayal… it sounds like another failed TV series about lawyers on ABC, but in actuality, it’s just a preview of the John Edwards campaign finance trial set to begin this week. [Los Angeles Times]
* Technophobes beware, because this copyright battle over code is getting serious. Oracle v. Google turned into Larry v. Larry in court last week as the CEOs for both companies gave testimony. [Bits / New York Times]
* George Zimmerman thought he’d have to stay in jail longer because he was having trouble coming up with his bail money, but he was released in the dead of night. Bet he looked pretty suspicious. [CNN]
* “There are [fewer students] coming in and crying. I haven’t had a crier yet, which I have had in the past.” Given the legal hiring market, that’s a real accomplishment for a career services official. [Charlotte Observer]
* Who gives a sh*t? Not this Russian fertilizer tycoon. When you’re a billionaire, buying an $88M apartment for your kid is just a run-of-the-mill transaction. Come on, he’s not hiding his assets for his divorce. [Telegraph]
What must it be like right now to be working at Dewey & LeBoeuf? One imagines a lot of whispered conversations, furrowed brows, and closed office doors. It’s a difficult and stressful time at D&L. To our friends at Dewey, keep your chins up (but, at the same time, do what you need to do to protect yourself and your career).
The anxiety at Dewey is increased by the firm’s cash crunch. Lawyers and staff at the firm are having a harder time doing their jobs because certain resources aren’t available to them.
Even in the digital age, with so many documents transmitted electronically rather than physically, FedEx is still a mainstay at major law firms — but not at Dewey. “We are restricted from using the account and now have to rely on UPS or express mail for overnights,” a source at Dewey told us. “Even if a package is labeled to go out via FedEx, when it goes down to mailroom it is relabeled for one of our new shipping methods. Do you know any other company that can stay afloat without FedEx?”
Will Dewey be staying afloat? Let’s hear the latest about other services that D&L lawyers and staff can’t use, some possible partner departures, and the firm’s ambitious plan for saving itself — via bankruptcy….
It’s time for your daily dose of Dewey & LeBoeuf news. There’s a lot to cover, including updates about incoming associates, overseas offices, and contingency planning.
Word on the street is that Dewey is deferring incoming associates to January 2013. We reached out to the firm for comment, and they haven’t gotten back to us yet. But it seems logical for the firm to defer associates to early 2013, given how the situation at D&L remains in flux. By next year, Dewey will have a better sense of its ultimate size and its long-term associate needs.
Of course, incoming associates at Dewey might want to make some backup plans. Which brings us to the other D&L news….
About two weeks ago, we covered reports about Dewey & LeBoeuf possibly shedding some of its overseas offices. We noted at the time, however, that the reports were vague, and we added that some D&L sources denied the existence of plans for closing any specific foreign office.
Well, the reports are getting increasingly detailed. Word on the street is that D&L might shutter three of its offices in the Middle East. And the firm’s Moscow office is reportedly being courted by other major U.S. law firms.
Which offices are being considered for closure? And who are Dewey’s suitors in Moscow?
Last week, we discussed the effort by Dewey & LeBoeuf to hold on to departing partners by enforcing its 60-day notice requirement. Partners that leave without complying with the requirement can miss out on profit distributions.
Alas, the response of many partners seems to be, “So what?” Yesterday brought word of about eight partners leaving Dewey. And since our story this morning about Dewey’s tax-time troubles, even more defections have been announced.
So who are the latest lawyers to leave, and where are they going?
Today, as you probably know, is the deadline for filing your taxes. As was the case last year, the combination of April 15 falling on a weekend and the little-known holiday of Emancipation Day pushed the filing deadline back a bit.
Did you appreciate the extra time to fill out your tax return? Partners at Dewey & LeBoeuf probably did, due to some problems with their K-1 forms.
And speaking of partners at Dewey, their numbers continue to decline. Let’s look at the latest defections, as well as the tax issue.
UPDATE (10:30 AM): The game of musical chairs continues. Six more Dewey departures, which we learned about shortly after publishing this post, after the jump.
As part of a nationwide tour, Above the Law is coming to the great city of Chicago.
Join preeminent law firm management consultant Bruce MacEwen, Katten Muchin Chicago managing partner Gil Sofer, and JPMorgan Chase & Co. assistant general counsel Jason Shaffer for a panel discussion (sponsored by Pangea3) on the evolutionary and market forces bearing down on the law firm business model. Come on by Thursday, November 20, at 6 p.m., for thought-provoking discussion, food, drink, and networking.
Space is limited and there will be no on-site registration, so please RSVP
Average law school debt for graduates of private universities hovered around $122,000 last year. With only 57% of new attorneys actually obtaining real lawyer jobs, recent graduates have a lot to consider when it comes to managing their student loan payments. Thanks to our friends at SoFi, today’s infographic takes a look at student loan debt, including the possible benefits of refinancing for JDs…
Kinney Recruiting’sEvan Jowers is currently in Hong Kong for client meetings and still has a few slots available through October 22. Evan will also be in Hong Kong November 14 to December 15. Further, Robert Kinney has been in Frankfurt and Munich this week and is available for meetings with our Germany based readers.
One of our key law firm clients has referred us to one of their important clients in the US, Europe and China – a leading global technology supplier for the auto industry – in order to handle their search for a new Asia General Counsel and Asia Chief Compliance Officer.
Kinney is exclusively handling this in-house search.
This position will have a lot of responsibility and include supervision of eight attorneys underneath them in the Asia in-house team. The new hire will report directly to the global general counsel and global chief compliance officer, who is based in the US. The new hire’s ability to make judgement calls is going to be as important as their technical skill set background.
The position is based in Shanghai and will deal with the company’s operations all over Asia and also in India, including frequent acquisitions in the region.
It is expected that the new hire will come from a top US firm’s Shanghai, Beijing or Hong Kong offices, currently in a top flight corporate practice at the senior associate, counsel or partner level. Of course, the candidate can be currently in a relevant in-house role.