* Martin Bienenstock, Dewey’s former bankruptcy head, offered some free legal advice to the firm’s bankruptcy advisers: “[P]lease get real about the unfinished business claims.” [WSJ Law Blog]
* In other interesting Dewey news, you’re never going to guess what Steve DiCarmine’s been doing since the firm went under. He of the orange skin tone is making it work at Parsons. [Am Law Daily]
* Remember Kenechukwu Okoli, the guy who slapped a Paul Hastings partner in the face during a depo and then sued him for assault? Yup, that suit got dismissed. [Thomson Reuters News & Insight]
* NerdWallet has created an online law school comparison tool, but users will only get to choose from 50 schools, none of which are in the so-called U.S. News second tier. Guess they don’t think Cooley is the second-best school in the country. How rude. [Bucks / New York Times]
* Cecilia Gimenez, the woman from Spain who accidentally turned a fresco of Christ into a portrait of a monkey, is now seeking royalties from funds the church levied as entrance fees to see her “work of art.” [Telegraph]
* Bridget Mary McCormack, a candidate for Michigan’s Supreme Court, has a simple tip for putting together the best judicial campaign video ever: all you need to do is reunite the cast of The West Wing. Check it out….
The Dewey & LeBoeuf drama continues to unfold. As we mentioned in Morning Docket, there have been a few notable recent developments. Citibank just filed a vigorous response to allegations by Steven Otillar, a former Dewey partner, that Citi colluded with Dewey to take advantage of individual partners. Meanwhile, three former leaders of the firm — former chairman Steven Davis, former executive director Stephen DiCarmine, and former CFO Joel Sanders — have filed objections to the global settlement with former partners.
It’s not a pretty picture. And here’s what we’re wondering: Could it happen to another major law firm, sometime in the next twelve months?
* Come on, people, Dewey really think that it’s fair that these proposed partnership clawback settlements blame only us for the firm’s implosion? The Steves and ex-CFO Joel Sanders don’t think so. [Bloomberg]
* “[E]ven if partners’ capital contributions were used to repay Dewey’s indebtedness—so what?” Well, that’s certainly one way to defend a suit alleging Citibank’s participation in a Ponzi-like scheme. [Am Law Daily]
* A $280K bonus sure seems nice, but do all Supreme Court clerks choose life in Biglaw once they’ve completed their stints at the high court? As it turns out, the answer is no — some view the money as “golden handcuffs.” [Wall Street Journal]
* Because nobody can ogle these crown jewels except Prince William: the royals’ potential suit against Closer magazine over topless pics of Kate Middleton has turned into full-blown privacy proceeding. [New York Times]
* If you’re struggling in law school, it may be wise to take some advice from those who’ve been there before you, like SullCrom’s Rodge Cohen, or the Ninth Circuit’s Chief Judge Alex Kozinski. [National Law Journal]
Many of the lawyers from the bankrupt law firm of Dewey & LeBoeuf have found new professional homes. But what about the managers? Since the firm filed for bankruptcy, we haven’t heard much about the fates of D&L’s leadership troika: former chairman Steven Davis, former executive director Stephen DiCarmine, and former chief financial officer Joel Sanders. What’s going on with them? Have they found new jobs?
Of course, they can afford to take some time off before returning to the workforce. As we previously reported, DiCarmine and Sanders each received more than $2.9 million — in salary, bonuses, and expense reimbursement — in the year leading up to the firm’s bankruptcy filing.
So, assuming he has reasonable living expenses, former CFO Joel Sanders can afford to coast for a while. But that’s not what he’s doing. He’s already back in the workforce.
What if we were to tell you that the chief financial officer of Dewey has found a new position? At a law firm — a pretty sizable one, in fact?
Earlier this week, we wrote about the lavish payments that Dewey & LeBoeuf made to its former executive director, Stephen DiCarmine, and its former chief financial officer, Joel Sanders, in the year leading up to the firm’s bankruptcy filing. Each man received almost $3 million in salary, bonuses, and expense reimbursement. (There’s additional detail and number crunching over at The Lawyer.)
Today we bring you additional interesting information from — and speculation about — the Dewey bankruptcy filings. For starters, who are the two Dewey partners who received more than $6 million each in the year leading up to the Chapter 11 petition?
If asked to name people who might be worried about owing money to the Dewey estate, some observers might cite “the Steves”: former chairman Steven H. Davis, and former executive director Stephen DiCarmine. Some have accused the Steves of mismanaging D&L’s affairs (or worse), contributing to the collapse of a firm that was once in the top 30 U.S. law firms by total revenue.
But if you’re thinking that Steve DiCarmine wants to pay the Dewey estate some money and get on with his tanning life, think again. As it turns out, Steve DiCarmine is claiming that Dewey owes him money….
The law firm of Dewey & LeBoeuf now finds itself in Chapter 11, but the story of Dewey has not yet reached its end. We’ll now turn the pages in the Bankruptcy Reporter.
Yesterday Judge Martin Glenn of the U.S. Bankruptcy Court allowed Dewey to use cash collateral to fund its wind-down operations, even though this collateral should really be seen as belonging to the firm’s secured creditors. Judge Glenn initially denied this request, at least when it was coupled with giving the secured creditors a lien on recoveries from future litigation. In deciding to let Dewey tap into the cash, Judge Glenn did not decide what the lenders might get in exchange for letting the firm use their money. That will be decided later, at a June 13 hearing.
With things quieting down on the Dewey news front, let’s turn to analysis. Here are some insights into what brought Dewey down and what other firms can learn from its fall, from a former managing partner who now works as a consultant to the legal industry….
As we roll into the Memorial Day weekend, things are fairly quiet on the Dewey front. There’s not much news to report.
As we previously mentioned, some former partners are hiring counsel to defend them against possible clawback claims. And the ranks of ex-partners continue to grow: some nine Dewey partners, led by New York-based transactional attorney Elizabeth Powers, have moved over to Duane Morris, along with three counsel and four associates (so 16 lawyers in all).
What else can we report about Dewey? Oh yes, the winner of our meme contest….
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 seven years. You can reach them by email: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
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