[T]he only thing holding many large firms together now is money. No shared history. No shared values. Money by itself is weak glue.
Dewey & LeBoeuf
- Dewey & LeBoeuf, Lateral Moves, Law Firm Mergers, Mergers and Acquisitions, Musical Chairs, Partner Issues, Partner Profits, United Kingdom / Great Britain, White & Case
Dewey Still Have the $6 Million Man? Nope: Mort Pierce Is Out the Door (Plus Other Partner Departures)By David Lat
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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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?
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“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]
- Bankruptcy, Dewey & LeBoeuf, Dissolution, Lateral Moves, Law Firm Mergers, Musical Chairs, Partner Issues, Patton Boggs, United Kingdom / Great Britain
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.”
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* Dewey really need to keep coming up with punny headlines about D&L’s painful probe? Pass the lube, ’cause you better believe we dew! Steven Davis, the firm’s former chairman, has hired Barry Bohrer, a white-collar criminal defense lawyer and partner at the Morvillo Abramowitz firm. [WSJ Law Blog]
* “Of course all of that money for my baby mama is legal. I… uh… checked with my lawyers. Um, yeah. Just get the money in.” Cheri Young gave some pretty damning testimony yesterday during the John Edwards campaign-finance violations trial. [CNN]
* As if you didn’t have enough to worry about during finals, Law School Transparency has come out with a new clearinghouse that includes employment outcomes, salaries, and student debt loads. [National Law Journal]
* “I do not own a color. I own a specific color in a specific place.” Christian Louboutin was seeing red when he responded to interview questions over his trademark infringement suit against Yves Saint Laurent. [Fox News]
* Remember that Nutella class action suit? Ferrero settled, and you can cash in if you bought their delicious hazelnut crack during the relevant time period. Needless to say, they owe me $20. [American Thinker]
* Richard Bellman, the lawyer behind New Jersey’s “Mount Laurel doctrine,” RIP. [New York Times]
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As we’ve previously mentioned, tomorrow, April 30, was supposed to be the deadline for Dewey to reach a new deal with its syndicate of bank lenders. The firm owes its banks a reported $75 million pursuant to a $100 million revolving line of credit.
So what’s the latest — and relatively upbeat — news about Dewey?
UPDATE (6:00 PM): More Dewey debt news — good news, happily — has been added below.