* Two Biglaw firms and their even bigger revenue meltdowns: Patton Boggs and Bingham McCutcheon have posted the most dramatic revenue declines revealed thus far by Am Law. [Wall Street Journal (sub. req.)]
* Dewey know why this malpractice case is being brought against an ex-LeBoeuf Lamb partner? You know your case is screwed if one of the questions the judge asks you is “[W]hy are you here?” [Am Law Daily]
* Those who remain at Heenan Blaikie, the imploding Canadian Biglaw firm, are pretty “pissed off” they haven’t received word on their severance packages. So much for that “orderly wind down,” eh. [Law Times]
* Career alternatives for former Biglaw attorneys now allegedly include breaking and entering and assaulting state delegate’s wives. We’ll probably have more information on this juicy story later today. [NBC29 WVIR]
“My company has been retained by Dewey & LeBoeuf to sell their domain name (dl.com). I thought Above the Law might be interested in the opportunity since (1) dl.com is a pretty great domain name for a blog and (2) Above the Law might find the prospect of purchasing Dewey & Leboeuf’s domain name amusing. You can find out more about the auction at HilcoDomains.com. The Bid Deadline is October 31st. If you would like to learn more about the auction let me know.”
This definitely piqued my interest, since (1) my initials are “DL,” and (2) domain names can be quite revealing. Back in 2007, the purchase of the DeweyLeBoeuf.com domain name by Michael Groll, at the time a partner at LeBoeuf Lamb, helped us uncover the news of the (ultimately ill-fated) merger of Dewey Ballantine and LeBoeuf Lamb. In the end, presumably because few people can spell “LeBoeuf” correctly, the post-merger firm used the DL.com domain name for its website.
So how much would it cost you to buy a piece of Biglaw history? Or, for people like me with the initials “DL,” a potentially useful domain name for a personal website?
We recently learned that Justice Antonin Scalia is not a fan of women cursing. What would he make of partners at a leading law firm cursing?
And not just garden-variety cursing, but rather colorful deployment of highly profane language. As Hamilton Nolan of Gawker puts it, “The biggest law firm collapse in history began with ‘f**kwad’ emails.”
Which former Dewey & LeBoeuf partner referred to various former partners as “pathetic,” “little prick,” and “f**kwad”? Let’s take a look at James Stewart’s New Yorker magazine article on what caused Dewey’s demise….
This morning I attended the confirmation hearing for the Chapter 11 bankruptcy plan of Dewey & LeBoeuf. As I mentioned on Twitter a few minutes after leaving the hearing, Judge Martin Glenn confirmed the plan.
Under the plan, secured creditors will recover between 47 to 77 cents on the dollar, while unsecured creditors will wind up with 5 to 14 cents on the dollar. Secured creditors hold about $262 million in claims; total creditor claims, secured and unsecured, amount to about $550 million.
So that’s the bottom line. But what was the hearing itself like? Here are my observations, including a few photos — because bankruptcy court coverage is totally WWOP….
* Everyone’s happy about the Dewey & LeBoeuf settlement except the Ad Hoc Committee and its LeBoeuf retirees, who called Judge Martin Glenn’s attempt to slap them down an “insult to injury.” [WSJ Law Blog]
* While South Carolina’s voter ID law wasn’t found to be inherently discriminatory, its enforcement was still blocked because people will be unable to get their sh*t together in time for the election. [Bloomberg]
* VP debate moderator Martha Raddatz’s 1991 wedding guest list has come under fire because Barack Obama was invited. Clearly there’s a conflict of interest worth arguing about here. [Washington Post]
* This man is nobody’s “butt boy”: Tom Keefe, the interim dean over at Saint Louis Law School, will be footing a $14,212 bill for his students in the form of ABA Law Student Division memberships. [National Law Journal]
* Strippers in California, Florida, Idaho, Kentucky, Texas, and Nevada will be making it rain, because they just scored a $12.9M class action settlement. That’s a whole lot of “college tuition”! [Courthouse News Service]
Many of the lawyers from the bankrupt law firm of Dewey & LeBoeuf have found new professional homes. But what about the managers? Since the firm filed for bankruptcy, we haven’t heard much about the fates of D&L’s leadership troika: former chairman Steven Davis, former executive director Stephen DiCarmine, and former chief financial officer Joel Sanders. What’s going on with them? Have they found new jobs?
Of course, they can afford to take some time off before returning to the workforce. As we previously reported, DiCarmine and Sanders each received more than $2.9 million — in salary, bonuses, and expense reimbursement — in the year leading up to the firm’s bankruptcy filing.
So, assuming he has reasonable living expenses, former CFO Joel Sanders can afford to coast for a while. But that’s not what he’s doing. He’s already back in the workforce.
What if we were to tell you that the chief financial officer of Dewey has found a new position? At a law firm — a pretty sizable one, in fact?
As we reported over the weekend, it’s looking like Dewey & LeBoeuf will soon find itself in bankruptcy (perhaps voluntarily, perhaps not). The specter of bankruptcy raises a question for the many former partners of Dewey: dude, where’s my car capital contribution?
Let’s find out — and get the latest dispatches on the Dewey death spiral, including news of a new home for former vice chair Ralph Ferrara….
If you’re looking for the latest news on the imploding law firm of Dewey & LeBoeuf, check out Morning Docket. There are links about the ongoing criminal probe, an updated WARN Act notice, the firm’s claim that it is not “officially closed,” and a possible involuntary bankruptcy.
It might make sense for certain creditors to push the firm into bankruptcy, since under the status quo — i.e., the firm effectively liquidating itself outside of court — it’s not clear that similarly situated creditors are being treated equally. At the very least, there’s a lack of transparency, as bankruptcy lawyer Annette Jarvis of Dorsey & Whitney pointed out to Thomson Reuters. Jarvis represents one group of creditors that might be getting the short end of the stick: 51 retired partners from predecessor firm LeBoeuf Lamb, whose pensions could be in jeopardy.
As we’ve done in the past, let’s try to find some light amid the darkness. As one victim of the Dewey debacle told us, “Sometimes after you’re done crying about something, the best medicine is laughter.”
We agree. So, Dewey have a meme contest for you? Of course we do!
Keep reading for some sample Dewey memes, as well as the contest rules….
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….
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: [email protected].
Since late last year, things have been booming in Hong Kong / China in cap markets, especially Hong Kong IPOs. M&A deal flow has recently been getting a bit stronger as well. Although one can’t predict such things with any certainty, all signs are pointing to a banner entire 2014 for the top end US corporate and cap markets practices in Hong Kong / China. This is not really new news, as its been the feeling most in the market have had for a few months now and things continue to look good.
The head of our Asia practice, Evan Jowers, has been in Hong Kong for about 10 days a month (with trips every other month to both Shanghai and Bejing) for the past 7 months (Robert Kinney and Evan Jowers will be in Hong Kong again March 15 to 23), and spending most of his time there meeting with senior US hiring partners at just about all the major US and UK firms there, as well as prospective candidates at all associate levels and partner levels, and when in the US, Evan works Asia hours and is regularly on the phone with such persons, as our the other members of our Asia team. Our Yuliya Vinokurova is in Hong Kong every other month and Robert is there about 5 times a year as well. While we have a solid Asia team of recruiters, Evan Jowers will spend at least some time with all of our candidates for Asia position. We have had long standing relationships, and good friendships in some cases, with hiring partners and other senior US partners in Asia for 8 years now.
Are you challenged by the costs and logistics of maintaining your office, distracting you from the practice of law?
Many small firms are successfully moving part—or even all—of their practice to a virtual setting. This even includes multi-jurisdictional practice spanning several states and practice areas, although solo and small partnerships are still the largest adopters of virtual law.
Can you do the same? The new article Mobile in Practice, Virtual by Design from author Jared Correia, Esq., explores how mobile technology bring real-life benefits to a small law firm. Read this new article—the next in Thomson Reuters’ Independent Thinking series for small firms—to explore how a mobile practice:
Everyone is talking about the importance of Social Media in Corporate America. But it is relatively safe to say that most law firms and lawyers are slightly behind the social curve. Most lawyers, at minimum, use LinkedIn, for networking. Some even use Twitter for pushing out short, pithy content, while many have Blogs, where they write their little hearts out. The adage “it is better to give than to receive” is not always true though in the world of Social. In the Social World – it is best to listen, give back and engage.
Social Media is a communications tool that can deeply educate you about the needs and wants of your clients and prospects when used in conjunction social media monitoring and sharing tools.
Take this quick quiz and see if you know how to use Social to help you engage more with your clients or to better service the ones you have.