Musical Chairs

You know it’s tough times for your business when your firm is the butt of jokes throughout the legal profession. Who knows how many snide little remarks have been made about Dewey & LeBoeuf at Biglaw firms around the country? I bet there have been robust laughs at Dewey’s expense. If Austin Powers were here, he’d say, “Dewey’s like the village bicycle — everybody’s had a ride.”

We capture one of these little jokes over email. Let’s just hope nobody is making fun of your firm like this…

double red triangle arrows Continue reading “Biglaw Blind Item: How Dewey Feel When Other Firms Make Jokes?”

Yesterday, partners at Dewey & LeBoeuf received their $25,000 monthly partner draws. For many of them, that might be the last check they receive from the embattled firm.

Over 100 Dewey partners have left the firm since the start of the year. But we now have reports that as many as 200 people, including a large number of partners, will be departing today. Apparently, “the banks” (i.e., Dewey creditors) are calling the shots now. As we reported yesterday, we seem to be moving forward toward a May 15th end date for Dewey.

But as they say in Lion in Winter: when the fall is all there is, it matters….

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Morton Pierce

This just in: superstar M&A lawyer Morton A. Pierce is leaving Dewey & LeBoeuf, the beleaguered Biglaw behemoth. This news should not shock anyone; rumors of Pierce’s possible departure have been making the rounds for weeks now.

So where is Morton Pierce going?

As we’ve been doing when covering this breaking story, we’ve added multiple UPDATES, after the jump.

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Dewey & LeBoeuf's sign at 1301 Avenue of the Americas. (Photo by David Lat. Feel free to use.)

Let’s take a step back from the hurly-burly of day-to-day, hour-by-hour coverage of Dewey & LeBoeuf, the once-powerful law firm that could soon find itself in bankruptcy or dissolution. We will return to bringing you the latest Dewey news in tomorrow’s Morning Docket. (Of course, as you may have noticed, we added many updates to Tuesday night’s story; refresh that post for the newest developments.)

Let’s take a step back, and ask ourselves: Who is to blame for this sad state of affairs? And what lessons can be learned from the Dewey debacle?

Multiple UPDATES, including a short bio of Stephen DiCarmine, after the jump.

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Dewey & LeBoeuf's sign at 1301 Avenue of the Americas. (Photo by David Lat. Feel free to use.)

“Our catering service requires a credit card; client matter numbers no longer accepted. Seamless food ordering requires a credit card or a corporate card.”

“It’s not clear that we still have health insurance.”

“Dewey has cut off subscriptions, and expenses are no longer being reimbursed.”

“Everyone is pretty much packing up. Bankers boxes are on backorder in supplies.”

“Dewey is quietly removing the art from the walls. Perhaps it belongs to the creditors?”

These are some of the sad stories we’re hearing out of Dewey & LeBoeuf today. Let’s discuss the latest news and rumor coming out of the deeply troubled law firm….

Multiple UPDATES and new links, after the jump (at the very end of this post). The Dewey story is moving so quickly that we will do multiple updates to our existing posts instead of writing a new post every time there’s a little additional news to report. Otherwise half of the stories on our front page would be about Dewey, and there is other Biglaw news to report — e.g., the new profit-per-partner rankings from Am Law, salacious lawsuits against prominent D.C. law firms, etc.

double red triangle arrows Continue reading “Dewey Know What’s Going To Happen Next? Lawyers and Staff Face Uncertain Future”

Over the weekend, when it looked like lenders to Dewey & LeBoeuf might be willing to give the troubled law firm more time to sort out its finances, I observed that “LeBoeuf is not yet cooked.” But it now looks like my fairly charitable assessment was unduly, or maybe even wildly, optimistic.

Can you say “warm red center”? As we reported yesterday, another slew of Dewey partners — about eleven in all, including former chairs of the tax practice and the corporate finance practice — started heading for the exits.

And perhaps they’re doing so with the blessing of firm management. Check out what D&L is now telling its partners….

UPDATE (10:10 AM): Now with text of memo appended.

UPDATE (10:30 AM): Now with discussion of London office added.

UPDATE (11:10 AM): Now with comments from Martin Bienenstock, a member of the firm’s four-person “Office of the Chairman.”

double red triangle arrows Continue reading “Dewey Have Any Shot of Surviving? Internal Memo Urges Partners To Seek ‘Alternative Opportunities’”

Over the weekend, we passed along some good news about Dewey & LeBoeuf. It appears that the firm has been given a new (even if temporary) lease on life by its lenders. Initial reports suggested that the firm was getting one week or maybe two in order to reach a new debt deal with its banks. It now appears, however, that the firm could be getting a more long-term extension, in the range of 90 to 120 days. The deal still needs to be finalized; keep your fingers crossed.

That’s the good news. Now, back to the bad news: more partner defections from Dewey….

Multiple UPDATES, after the jump.

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On Thursday morning, while talking to my therapist — no, not the People’s Therapist — I mentioned that I’ve been quite busy at work these days, covering the fast-moving story of a law firm implosion. I started to explain, but he interrupted.

“You mean Dewey?” he asked. “I know all about it. An old friend of mine is a partner there. He just asked me for a referral.”

Sign #1 that a law firm story has gone mainstream: your shrink knows about it. Sign #2: it’s getting covered by esteemed general-interest outlets like Slate and the Economist. (In Slate, Reynolds Holding argues that the experience of Ruden McClosky, the Florida firm that pulled off the bankruptcy-cum-merger maneuver last year, could provide helpful lessons for Dewey.)

Aside from a report that some partners want criminal charges brought against chairman Steven H. Davis, as noted in Morning Docket, things have been relatively quiet on the Dewey front over the past day or two. Perhaps too quiet, for some people….

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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!

Or maybe an old Indian burial ground….

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(Plus more potential partner departures.)”

At some point, the Department of Education is going to have to step in and put a stop to the American Bar Association’s monopoly over the standards for legal education. The ABA has gotten to the point where it’s just trolling us — making patently ridiculous decisions as if it doesn’t even have to pretend to have a grasp on the challenges facing prospective law students and the legal profession.

The ABA’s “watchdog” for law schools is stepping down. Hulett “Bucky” Askew, of John Marshall Law School in Atlanta, has served as the ABA’s consultant on legal education since 2006. Note: that’s a pre-recession date. I take this as more evidence (as if we needed more) that the ABA has been operating with a pre-recession mentality throughout the entire recession and quasi-recovery.

But let’s stop crying about the ABA’s almost comically slow response to the shifting legal education market. Wait until you get a load of the guy who’s going to be Askew’s interim replacement…

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