Depressing stuff

As we reported late on Monday night, Dewey & LeBoeuf has filed for bankruptcy — the largest law firm bankruptcy in U.S. history, in fact. You can access a copy of Dewey’s voluntary petition to enter Chapter 11 over here (via Scribd).

Yesterday afternoon, Dewey’s lawyers appeared in U.S. Bankruptcy Court for the Southern District of New York. The firm’s lead lawyer, Albert Togut, introduced himself as follows: “I can finally confirm the worst-kept secret of the year. I am counsel for Dewey & LeBoeuf.” He’s going to be a very busy man over the weeks and months ahead.

Let’s find out what happened at the hearing, and also take a closer look at one of Dewey’s most intriguing unsecured creditors: a (rather attractive) litigatrix, a former Dewey associate now at another firm, who is owed more than $400,000 in “severance” by D&L….

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(And a report on Dewey’s day in bankruptcy court.)”

This shouldn’t come as a surprise — we predicted it earlier this month — but the dying law firm of Dewey & LeBoeuf has filed for bankruptcy. We hope that you had a nice holiday weekend, because Dewey’s bankruptcy lawyers surely didn’t.

Under which chapter of the Bankruptcy Code is Dewey filing? Who is serving as bankruptcy counsel to the firm? What does Dewey’s balance sheet look like?

We have added UPDATES, after the jump.

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The ailing law firm of Dewey & LeBoeuf is not long for this world. The only real question that remains is how Dewey’s death will take place. Will Dewey be pushed off the cliff, or will it jump?

We mentioned on Thursday that Dewey might be forced into bankruptcy by creditors, perhaps former partners concerned about their pensions. But now it seems that Dewey might do the deed itself.

Let’s hear the most recent reports — and look at the latest indicators that Dewey is done, including new signage outside 1301 Avenue of the Americas….

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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….

double red triangle arrows Continue reading “Dewey Have the Ability To Keep Paying Severance? Apparently Not”

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….

double red triangle arrows Continue reading “Boy, Dewey Have A Reading List For You!”

As a law student, having an article accepted for publication in a law review or journal is usually a great way to ensure that your résumé lands on the top of the enormous stack of papers on the hiring partner’s desk. Having a degree from Harvard Law School is an even better way to do the same thing. But the ultimate claim to success is having both of these things. You’ll get the Biglaw job that you’ve always dreamed of, and a six-figure paycheck to pay off your matching six-figure debt.

Unless you’ve been accused of plagiarism. Then you can kiss all of your dreams goodbye, and say hello to the unemployment line. This is what one recent Harvard Law graduate claims happened to her in a lawsuit against her Ivy league alma mater….

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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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'I'm ending my 1L year with a B-minus average. What's the point in going on?'

Lat here. Your Above the Law editors occasionally receive requests for advice from readers, to which we sometimes respond. Back in March, for example, Elie Mystal and I debated the merits of Harvard Law School versus Yale Law School, for the benefit of a prospective law student choosing between these two fine institutions. In case you’re wondering, he’s going to Yale.

(The future Yalie explained his decision this way: “I didn’t want to take the chance that even if I worked harder at HLS, I could still be ranked below enough outstanding students to not impress a professor, land a good clerkship, etc. I also got the impression that this risk-averse mentality was what drove many people who were on the fence between YLS and HLS to eventually choose YLS.”)

Choosing between Harvard and Yale is a high-class problem. Today we look at a situation that we’ve addressed before, in 2010 and 2011, and that continues to confront our readers. The question presented: If you do poorly in law school, should you cut your losses and drop out? Or should you keep on trucking and collect that J.D. degree?

We have two fact patterns. One involves a 1L, and one involves a 2L. Let’s hear them out, shall we?

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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….

double red triangle arrows Continue reading “Dewey Know When LeBoeuf Is Cooked? When Associates Are Laid Off En Masse”

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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