If you’re looking for the latest news on the imploding law firm of Dewey & LeBoeuf, check out Morning Docket. There are links about the ongoing criminal probe, an updated WARN Act notice, the firm’s claim that it is not “officially closed,” and a possible involuntary bankruptcy.
It might make sense for certain creditors to push the firm into bankruptcy, since under the status quo — i.e., the firm effectively liquidating itself outside of court — it’s not clear that similarly situated creditors are being treated equally. At the very least, there’s a lack of transparency, as bankruptcy lawyer Annette Jarvis of Dorsey & Whitney pointed out to Thomson Reuters. Jarvis represents one group of creditors that might be getting the short end of the stick: 51 retired partners from predecessor firm LeBoeuf Lamb, whose pensions could be in jeopardy.
As we’ve done in the past, let’s try to find some light amid the darkness. As one victim of the Dewey debacle told us, “Sometimes after you’re done crying about something, the best medicine is laughter.”
We agree. So, Dewey have a meme contest for you? Of course we do!
Keep reading for some sample Dewey memes, as well as the contest rules….
* What information Dewey know about the ongoing criminal investigation that’s being conducted by the Manhattan District Attorney’s office? From the sound of it, ex-chairman Steven Davis’s LeBoeuf may be cooked. [Am Law Daily (reg. req.)]
* Dewey know when to admit defeat? A spokesman for the failing firm has insisted that it’s “not formally closed.” Great, because that’ll certainly make it easier to prepare for the involuntary bankruptcy filing that’s in the works. [Reuters]
* Meanwhile, D&L amended its WARN notice with the New York State Department of Labor to raise its total employee count by 100, for a grand total of 533 — 433 of whom have been laid off thus far. [Bloomberg]
* “The defense wasn’t sexy, but the defense doesn’t want sexy. It wants an acquittal.” John Edwards’s legal team rested its case yesterday without calling any of the major players involved to testify. [Associated Press]
* Show me your papers: the California Supreme Court will be deciding whether a law license should be granted to an illegal immigrant who’s already been certified by the State Bar of California. [Los Angeles Times]
* Thank you, Jesus! Utah’s S.J. Quinney College of Law now has an additional $4M in its collection plate to put toward a new building thanks to the Church of Jesus Christ of Latter-day Saints. [National Law Journal]
Over the past few weeks, we’ve been in touch with dozens of people affected by the downfall of Dewey & LeBoeuf. In terms of reactions, two emotions have predominated: sadness at what has happened to a once-great law firm, and anger towards those viewed as blameworthy.
But there have been other responses as well, of a more odd nature. Here are two illustrative, somewhat amusing stories….
It’s interesting to see how the pace of the Dewey story is shifting. We’re moving from the breathless breaking of news into a period of longer pieces focused on analysis and narrative. This makes sense, given that most of the major events have already transpired (with the exception of formalities that will be big news if and when they do occur — e.g., an official vote of dissolution, a filing of bankruptcy, etc.).
So let’s do a more comprehensive review of the latest Dewey stories from around the web. We bring you more theories of blame, more partner departures, and more revelations about the personal life of former chairman Steven H. Davis….
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….
It’s time to announce the winner of April’s Lawyer of the Month competition. While there were many worthy candidates presented for your consideration, only one of them is the subject of a possible criminal probe. Only one of them is the subject of an annotated work of art. Only one of them has been accused of leading a storied Biglaw firm down a path of devastation, destruction, and seemingly inevitable dissolution.
That said, let’s take a look at April’s Lawyer of the Month — the man, the myth, the legend — Steven Davis, former chairman of Dewey & LeBoeuf….
They say that a picture is worth a thousand words. Here at Above the Law, we have given you many thousands of words about the troubles of Dewey & LeBoeuf. See, e.g., this lengthy post about the firm’s former leaders, ex-chairman Steven Davis and former executive director Stephen DiCarmine.
Now we bring you some pictures. As it turns out, the possible demise of Dewey has inspired the creation of art.
Keep reading, and check out the images below for a forthcoming portrait of former chairman Steven Davis, a chilling photograph, and an unfortunate D&L advertisement….
April showers are supposed bring May flowers, but in the law world, April just showered us with a bunch of ridiculous lawyers acting like complete a-holes. One can only hope that May’s crop of nominees for the Lawyer of the Month contest brings us some more worthy competitors.
Dewey & LeBoeuf's sign at 1301 Avenue of the Americas. (Photo by David Lat. Feel free to use.)
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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