That’s the question the WSJ Law Blog just asked about the [pick your favorite adjective: beleaguered / collapsing / flailing / troubled] law firm of Dewey & LeBoeuf. Today brings big, bad news for Dewey: bankruptcy superstar Martin Bienenstock is taking his practice to Proskauer Rose. He’s moving with five other partners — Philip Abelson, Irena Goldstein, Timothy Karcher, Michael Kessler, Judy Liu — and nine associates.
Dewey’s loss is Proskauer’s gain. “He is absolutely the crown jewel over there, a fantastic lawyer who will be a great partner,” a current Proskauer partner told us. “This is going to vault us into the company of Kirkland and Weil, giving us one of the top bankruptcy practices in the country. We are really thrilled.”
This past Friday, we broke the news of the troubled Dewey & LeBoeuf law firm issuing WARN Act notice to its employees. This federal law generally requires an employer “to provide notice 60 days in advance of covered plant closings and covered mass layoffs.”
That was Friday, May 4. Earlier this week, Dewey informed many support staff members that their last day of work would be this Friday, May 11. It then informed many associates that their last day of work will be this coming Tuesday, May 15. Both staffers and associates will be paid through the 15th and will have health insurance through May 31st.
My math skills have atrophied from disuse, but I am still capable of counting to 60. And it seems to me that Dewey did not provide its employees with 60 days notice of its mass layoffs.
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….
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.
A college graduate without student loan debt is akin to reading a kind quote about Kim Kardashian in a tabloid—it’s rare.
In the past eight years, student loan debt has nearly tripled to a whopping $1.1 trillion, and in the past 10 years, the percentage of 25-year-olds with such debt has risen from 25% to 43%
It’s gotten so bad, in fact, that New York Fed economists warned last month that the burden of student debt could stilt consumer spending by twentysomethings, as well as further hamper the recovery of the housing market and economy.
To get a better idea of what massive student loan debt (we’re talking over $100,000 massive) looks like, we talked to an attorney who graduated with a large student loan debt. We also consulted LearnVest Planning Services CFP® Katie Brewer to see just how their repayment plans stack up.
S. Fischer, 36, Attorney Graduated: 2001
How Much I Borrowed: $100,000
What I Still Owe: $45,000
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Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past six years. You can reach them by email: firstname.lastname@example.org.
Deal flow has clearly picked recently up for most US associates, counsels and partners in Hong Kong/China and Singapore. We are on the phone with a lot of these folks on a daily basis, many of whom we have known for years. Further, the head of our Asia team, Evan Jowers, and Kinney’s founder and president, Robert Kinney, frequently meet in person with leading US partners in Asia to assess their needs and keep on top of the inside scoop at as many firms as possible. The need for legal recruiting help in Asia from experienced recruiters appears to be live and well. In March, Evan and Robert were in Beijing at such meetings, in April, Evan was in Hong Kong, and for half of June Evan will be in Shanghai and Hong Kong. Thus its pretty easy for us to tell when there has been an across-the-market pick up in capital markets and corporate work.
On an average day in Asia when Evan and Robert visit firms, they typically have 5 to 9 meetings a day, mostly with US partners in the market. The reason they have these meetings is not simply because Kinney makes a lot of US attorney placements in Asia and that a particular firm may have openings; instead these are just visits with friends. After years of working together as business partners, the folks at Kinney are actually these peoples’ friends. The firms Kinney work closely with in Asia (which is just about every law firm – call us if you want to know the one firm in the world we will never place anyone with again, ever, and why) look forward to the visits, or at least act like they do. After seven years in the market, many of the client partners are former associate candidates. Also, these US partners see Kinney as a very good source of market information as well, because they know how deep their contacts are in the market and how frequently they are speaking to counterparts at peer firms.
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