[T]he only thing holding many large firms together now is money. No shared history. No shared values. Money by itself is weak glue.
Once upon a time there lived a fisherman named Jay Dee. Every day Jay went to Lake Beeglaw to fish. Lake Beeglaw was the biggest lake in the entire country, and it was home to the biggest fish. Just one fish from Lake Beeglaw could feed a family for weeks. Consequently, Lake Beeglaw was the most popular fishing lake in the country.
But fishing at Lake Beeglaw was hard for Jay. Because the lake was so popular, Jay had a very difficult time even finding a place to cast his line. Jay had only a small canoe, and the bigger and more established fisherman all had big commercial boats. Whereas Jay used a simple fishing reel, many of the other fishermen used nets. Jay sometimes went weeks without receiving a bite, much less catching a fish.
One day, Jay decided to leave Lake Beeglaw and find another, less crowded lake…
- Bankruptcy, Biglaw, Crime, Dewey & LeBoeuf, Dewey Ballantine, Dissolution, Kimba Wood, Law Firm Mergers, Law Firm Names, LeBoeuf Lamb, Money, Musical Chairs, Partner Issues, Partner Profits, White-Collar Crime
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?
Don’t look now, but there is a spring bonus war brewing. I’m serious. Don’t be fooled with the way most Biglaw firms are trying to pretend that spring bonuses don’t exist. Two of the most profitable firms have entered into the spring bonus fight. And they are not in lockstep with each other.
We are, of course, talking about Quinn Emanuel and Sullivan & Cromwell. Quinn announced the fact of spring bonuses before S&C, but they didn’t announce any numbers. When S&C came out with its paltry spring bonuses a few days later, we didn’t have anything to compare it to.
Well, now we do. And the QE numbers are not going to make S&C associates happy…
- Art, Bankruptcy, Biglaw, Dewey & LeBoeuf, Dissolution, ERISA, Food, Health Care / Medicine, Holland & Knight, JPMorgan Chase, Lateral Moves, Money, Musical Chairs, Partner Issues
“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.
* Now wait a minute, I think being a Biglaw lawyer can be pretty disappointing, but nothing compares to Jar-Jar. [Constitutional Daily]
* How much child support does an aging supermodel need? Sorry, lemme rephrase lest you think I’m calling supermodels child-like. How much does an aging supermodel need for child support? [Fashionista]
* It is kind of funny that we still “swear people in” before they testify. [Simple Justice]
* You really have to go out of your way to find voter fraud. [Election Law Blog]
* Is it time to make horse racing illegal? I mean, people only watch it once a year anyway. [Legal Blitz]
* I’m not sure what the point would be of dropping the LSAT requirement. So schools who can’t attract students who do well on the LSAT don’t get embarrassed by U.S. News every year? Oh wait, yeah that’s it. [LSAT Blog]
* Yeah, I’m pretty sure everybody who was ever let go by either Dewey or LeBoeuf is feeling pretty good right now. [Huffington Post]
* Honestly cannot deal with Occupy anymore. It’s an election year. How are these people not in a phone bank? [Dealbreaker]
Say, for example, you work on staff at a Biglaw firm that hosts a monthly office happy hour. The festivities allegedly culminate in people getting so drunk that they try to strangle you on your way to the bathroom.
That would be bad news. Because Mad Men may be a cool show, but these days, it’s not a world in which many people would want to live.
Would such events ever transpire at a leading law firm in Washington, D.C.? According to a new lawsuit, at least one angry former employee would say so…
- Attorney Misconduct, Biglaw, Federal Judges, Legal Ethics, Litigators, Litigatrix, Partner Issues, Screw-Ups
Judging from our traffic stats and the many emails we’ve received about it, the story of the document controversy involving Greenberg Traurig and its former client, TD Bank, has captured the interest of our Floridian readers. So we’ll do one more story about it for now (and then we may keep our powder dry until after the contempt hearing later this month before Judge Marcia Cooke, when there will be bigger news to report).
In our first story, we discussed the allegations made against Greenberg Traurig and one of its former shareholders, Donna Evans. In our second story, we raised some points in defense of ex-partner Evans and her former firm. We believe in providing both sides of a story here at ATL.
Now we’ll share with you a final rebuttal by critics of GT and Evans….