Dissolution

Dewey Have the Ability To Keep Paying Severance? Apparently Not

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Based on recent remarks by current and former leadership at Dewey & LeBoeuf, it seems that the firm is going to end with a whimper, not a bang. The current plan apparently involves no bankruptcy filing or dissolution vote, but just the defection of one partner after another, until nobody is left.

And the partner departures continue. As we mentioned in Morning Docket, for example, Greenberg Traurig just picked up about 50 Dewey lawyers over in Poland, to form Greenberg Traurig Grzesiak. Meanwhile, here in New York, Sutherland Asbill & Brennan has added insurance litigatrix Ellen Dunn, former co-head of D&L’s U.S. litigation practice, to its ranks.

While the partner stars realign themselves, back here on earth, last night brought bad news for former Dewey associates and staff….

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Boy, Dewey Have A Reading List For You!

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Since our Friday photo essay on Dewey & LeBoeuf, the once-proud law firm that probably isn’t long for this world, numerous other outlets have produced some excellent Dewey coverage. We mentioned two of the pieces, about partner problems and unpaid janitors’ bills, in today’s Morning Docket.

It’s interesting to see how the pace of the Dewey story is shifting. We’re moving from the breathless breaking of news into a period of longer pieces focused on analysis and narrative. This makes sense, given that most of the major events have already transpired (with the exception of formalities that will be big news if and when they do occur — e.g., an official vote of dissolution, a filing of bankruptcy, etc.).

So let’s do a more comprehensive review of the latest Dewey stories from around the web. We bring you more theories of blame, more partner departures, and more revelations about the personal life of former chairman Steven H. Davis….

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Dewey & LeBoeuf: A Visual Essay
(Or: Dewey know what Steve DiCarmine looks like?)

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We have written thousands upon thousands of words about Dewey & LeBoeuf this week — in fact, this day. Covering this sad but fast-moving story has been exciting and exhausting.

We’re tired. So let’s resort to pictures, as we have in the past, to tell the Dewey story….

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(Or: Dewey know what Steve DiCarmine looks like?)”

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Dewey Violate Rule 10b-5? A Detailed Look at the Firm’s 2010 Offering Memorandum

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Law firm financials can be shrouded in mystery. Sure, the American Lawyer releases its closely watched and highly influential Am Law 100 rankings each year, which shed some light on the subject. But these numbers are not Gospel truth, and sometimes they get restated — which is what happened last month to Dewey & LeBoeuf.

Making a material misrepresentation to the American Lawyer doesn’t violate the securities laws. Making a material misrepresentation in connection with the purchase or sale of any security — well, that’s more problematic.

Let’s take a closer look at a subject we mentioned last night and again this morning, namely, the offering memorandum for Dewey’s 2010 private placement of $125 million in bonds….

Note: we’ve added UPDATES, after the jump.

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Dewey Have Anyone Left To Turn Out the Lights?
(Plus an actual lawsuit, a possible lawsuit, and a partner’s theory of blame.)

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That’s the question the WSJ Law Blog just asked about the [pick your favorite adjective: beleaguered / collapsing / flailing / troubled] law firm of Dewey & LeBoeuf. Today brings big, bad news for Dewey: bankruptcy superstar Martin Bienenstock is taking his practice to Proskauer Rose. He’s moving with five other partners — Philip Abelson, Irena Goldstein, Timothy Karcher, Michael Kessler, Judy Liu — and nine associates.

Dewey’s loss is Proskauer’s gain. “He is absolutely the crown jewel over there, a fantastic lawyer who will be a great partner,” a current Proskauer partner told us. “This is going to vault us into the company of Kirkland and Weil, giving us one of the top bankruptcy practices in the country. We are really thrilled.”

As you may recall, Bienenstock was a member of the five-person Office of the Chairman at Dewey. As my colleague Staci Zaretsky wondered earlier today, “Dewey seriously have one chairman again?” With Bienenstock to Proskauer, Jeffrey Kessler to Winston & Strawn, Richard Shutran to O’Melveny & Myers, and Steve Davis off to who knows where, only Charles Landgraf remains in the chairman’s office. (Note that Landgraf’s bio is still on the Dewey website.)

Bienenstock’s departure doesn’t mark the end of Dewey’s difficulties. Let’s review the latest news….

Of course we’ve added UPDATES, after the jump.

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(Plus an actual lawsuit, a possible lawsuit, and a partner’s theory of blame.)”

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Dewey Have Underfunded Pension Plans? Feds Say Yes, Stepping In To Pay the Shortfall

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We have previously discussed the subject of pensions at the deeply troubled law firm of Dewey & LeBoeuf. Right now it’s looking quite likely that the firm will wind up in dissolution or bankruptcy. If the firm does go down that path, what will happen to the retirement benefits of current and former employees?

Today we have some news on that front — plus UPDATES on other Dewey stories, of course….

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Gone Dewey Gone: ATL Readers Dish the Blame

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As of this morning, the Dewey & LeBoeuf web site is still live and trumpeting, among many other things, the firm’s recent award for “Private Equity Law Firm of the Year in Poland.”

Meanwhile, back on Earth and/or the rest of the internet, industry observers have been feeling a bit like voyeurs at a pre-mortem autopsy. Everyone agrees that the downfall of this once-great firm is hugely sad (well, nearly everyone), but there is less of a consensus about who or what is to blame.

Last week we asked the ATL readership for their take on where fault lies. Here’s what you had to say….

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Dewey Have Any WARN Act Liability? Let’s Discuss

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This past Friday, we broke the news of the troubled Dewey & LeBoeuf law firm issuing WARN Act notice to its employees. This federal law generally requires an employer “to provide notice 60 days in advance of covered plant closings and covered mass layoffs.”

That was Friday, May 4. Earlier this week, Dewey informed many support staff members that their last day of work would be this Friday, May 11. It then informed many associates that their last day of work will be this coming Tuesday, May 15. Both staffers and associates will be paid through the 15th and will have health insurance through May 31st.

My math skills have atrophied from disuse, but I am still capable of counting to 60. And it seems to me that Dewey did not provide its employees with 60 days notice of its mass layoffs.

So, Dewey have any WARN Act liability?

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Dewey Know When LeBoeuf Is Cooked? When Associates Are Laid Off En Masse

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Last night, when we reported the news of secretarial staff layoffs at Dewey & LeBoeuf, we mentioned a prediction of additional layoffs today — i.e., Tuesday — or later in the week. That prediction has already come to pass — like so many predictions about Dewey, sadly.

Last night, they came for the secretaries. This time, they’ve come for the associates….

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Dewey Have Any Partners Left To Be Poached? Not Many After the Latest Departures

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The revolving door continues to spin, quite furiously, at the rapidly collapsing Dewey & LeBoeuf. We mentioned some of the latest partner departures in last night’s post (which we updated again this morning).

These are major defections, which strike at the heart of what was left of the firm. In case there was any doubt after last Friday’s WARN Act notice or yesterday’s big layoffs, it may soon be time to stick a fork in LeBoeuf.

So what’s the latest word on who is going where?

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