Ralph C. Ferrara

Biglaw: It’s Not All About the Benjamins

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Maybe they’re on to something….

Here’s an interesting irony: some of the Biglaw firms that spend the least amount of time thinking about money are the ones that enjoy the most of it. A number of super-elite New York law firms have lockstep compensation systems, in which partners are paid purely based on seniority, and these firms are among the most profitable in the country. These firms focus on doing great work for their clients, not on divvying up the spoils from such work — and, in the end, there’s more than enough filthy lucre to keep everyone smelling like money.

On an individual level, some of the wealthiest lawyers in Biglaw — the ones who make partner, and remain partner, for years and years — don’t fixate much on money either. They focus instead on their work, which they seem to just love (often more than any hobbies, and sometimes more than their families). As for the money, well, it just comes — in copious quantities.

Let’s take a closer look at these phenomena….

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Dewey Know Which Partners Signed On To The Partnership Contribution Plan? Yes — And How Much They’ll Pay, Too

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Last month, we provided you with detailed information about how much various former partners of Dewey & LeBoeuf earned in the last two years of the firm’s existence. We also reported on how much these partners were each being asked to pay into the “Partner Contribution Plan,” a global settlement that would provide these partners with releases from future Dewey-related liability.

At the time of that report, we didn’t know which partners decided to sign up for the PCP and which ones declined the offer. But now we do, thanks to a recent bankruptcy court filing by Dewey.

Dewey want to know the skinny? Of course we do….

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Dewey Have Data on How Much Partners Got Paid? Yes — Thanks to the Partner Contribution Plan

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Today at 5 p.m. is the deadline for former partners of the bankrupt Dewey & LeBoeuf law firm to sign up for the “Partner Contribution Plan.” Under the terms of the Plan, which in its latest iteration seeks $90.4 million in “clawbacks” from ex-partners, participating partners would contribute specified amounts to the Dewey bankruptcy estate in exchange for releases from future liability (to the Dewey estate, to other participating partners, and to Dewey lenders, thanks to recent revisions to the PCP).

When talk of the Plan first surfaced, I opined that “[s]uch a deal sounds reasonable in principle.” I later observed that even if the PCP might not be perfect, “[i]f you’re a productive partner, happily ensconced at a new and stable firm, and just want to forget the D&L debacle and return to serving your clients, this deal may Dewey the trick.”

But now, after numerous revisions to the Plan, seemingly endless extensions of the deadline to join, and a still-insufficient amount of participation, I’m beginning to think that maybe it just won’t fly — and Dewey should just be allowed to die, i.e., slip into a straight-up liquidation. Perhaps Dewey’s bankruptcy advisers should stop trying to flog a product that nobody seems interested in buying.

UPDATE (4:35 PM): It looks like the Dewey estate’s perseverance has paid off. The $50 million participation threshold has been reached.

Here’s one good thing about the Partner Contribution Plan: thanks to the PCP, we now have detailed information about how much each of Dewey’s partners received from the firm in 2011 and 2012. And yes, we’re willing to share the data for the top earners with you, in spreadsheet form.

Some people are big believers in the virtues of black-box compensation. But here at Above the Law, we’re all about transparency….

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

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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….

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(Plus more partner moves, including Ralph Ferrara.)“

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Dewey & LeBoeuf: A Bunch of Nazis?

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The firm of Dewey Ballantine was never known for being particularly PC. From a 2004 article by Anthony Lin, for the New York Law Journal:

Nearly one year after lawyers at Dewey Ballantine infuriated members of the Asian-American community by performing a stereotype-laden parody song at their annual dinner, the law firm is again dealing with allegations of racial insensitivity….

On Monday, an employee sent a firmwide e-mail advertising the availability of some puppies for adoption. Douglas Getter, a London-based American who heads Dewey Ballantine’s European mergers and acquisitions practice then sent a firmwide reply.

“Please don’t let these puppies go to a Chinese restaurant!” Getter wrote in his e-mail.

Adolf Hitler Dewey LeBoeuf Zieg Heil Sieg Heil Above the Law blog.jpgNow Dewey has merged with LeBoeuf Lamb. Happily, it appears their firm cultures are a good match. Check out this email exchange appearing below — and note that Partner X came from the LeBoeuf Lamb side of the marriage….

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