Dewey Ballantine

A Biglaw Lawyer Who Was Asked to Spy for Russia

By

So this isn’t a proper “Career Alternatives for Attorneys” post, but if the Russian Federal Security Service (FSB) — the successor to the KGB — had their way, we would one day soon watch Spencer Mazyck of Bloomberg sitting down to interview a Russian spy.

When you think about it, Biglaw attorneys share a lot of qualities with spies: working long, odd hours; poring over reams of government documents searching for a few nuggets of information; and feeling that any mistake could cost them their lives.

If you feel you have what it takes to become a spy, give Russia a call because they’re all butthurt over losing out on a potential Biglaw spy…

double red triangle arrows Continue reading “A Biglaw Lawyer Who Was Asked to Spy for Russia”

7 Comments

Dewey Have A Confirmed Chapter 11 Plan? Yes We Do!

By

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….

double red triangle arrows Continue reading “Dewey Have A Confirmed Chapter 11 Plan? Yes We Do!”

10 Comments

Dewey Partners Get Any Capital Back? Good Luck With That!
(Plus more partner moves, including Ralph Ferrara.)

By

Photo (no, not a photoshop) by ATL reader 'Anna.'

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….

double red triangle arrows Continue reading “Dewey Partners Get Any Capital Back? Good Luck With That!
(Plus more partner moves, including Ralph Ferrara.)“

25 Comments

Dewey Have Plans To File for Bankruptcy? Sources Say Yes

By

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….

double red triangle arrows Continue reading “Dewey Have Plans To File for Bankruptcy? Sources Say Yes”

34 Comments

Non-Sequiturs: 05.17.12

By

Jonathan Vilma

* This is the job that I want. Just running around New York City, and telling people they suck. [Dealbreaker]

* New Orleans Saints linebacker Jonathan Vilma has filed a lawsuit against NFL Commissioner Roger Goodall. I’ve got $100 for anyone who takes Vilma’s lawsuit out with a summary judgment. [New Orleans Times-Picayune]

* The story of Dewey & LeBoeuf, as told through numbers. Legacy Dewey Ballantine folks aren’t going to love this. [Adam Smith Esq.]

* Isn’t this the best way to explain what it’s like to be white? [Kotaku]

* What will the legal profession look like when your kids are going to law school? [Hellerman Baretz]

* Speaking of having children, I wonder if I will become more “prude” when I’m a parent, or at least more critical of graphic displays of sexuality. [Popehat]

* You shouldn’t let your client bring notes to a deposition. Otherwise you will have a huge a-hole. [What About Clients?]

* The Da Silva Moore case already reads like a reality TV show. Is something more pernicious going on beneath the surface? [Ride the Lightning]

11 Comments

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

By

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….

double red triangle arrows Continue reading “Dewey & LeBoeuf: A Visual Essay
(Or: Dewey know what Steve DiCarmine looks like?)”

77 Comments

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

By

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.

double red triangle arrows Continue reading “Dewey Violate Rule 10b-5? A Detailed Look at the Firm’s 2010 Offering Memorandum”

69 Comments

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

By

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….

double red triangle arrows Continue reading “Dewey Have Underfunded Pension Plans? Feds Say Yes, Stepping In To Pay the Shortfall”

40 Comments

Gone Dewey Gone: ATL Readers Dish the Blame

By

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….

double red triangle arrows Continue reading “Gone Dewey Gone: ATL Readers Dish the Blame”

126 Comments

Dewey Have an End in Sight? Friday Will Be the Last Day for Many Employees

By

On Friday, we broke the news of Dewey & LeBoeuf issuing a WARN Act notice to its U.S. employees. As explained by the U.S. Department of Labor, the WARN law generally requires an employer “to provide notice 60 days in advance of covered plant closings and covered mass layoffs.”

We noted, however, that employees shouldn’t be lulled into complacency by the 60-day requirement. As Elie wrote, “Dewey employees shouldn’t expect to just show up to work every day until Independence Day. Remember, we’ve learned from the Heller dissolution and other firms’ dissolutions that things tend to happen very quickly.”

Very quickly indeed. We are now hearing reports that this Friday, May 11, will be the last day for an unknown number of D&L employees….

As usual with the fast-moving Dewey story, we have multiple UPDATES, including some from Tuesday morning, after the jump.

double red triangle arrows Continue reading “Dewey Have an End in Sight? Friday Will Be the Last Day for Many Employees”

101 Comments
Page 1 of 212