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corporate disasters

Dewey & LeBoeuf on Life Support As More Partners Join Exodus

New York–based corporate law firm Dewey & LeBoeuf, in the midst of a collapse under a substantial amount of debt, hemorrhaged at least ten more partners today, bringing its total partner loss this year to roughly 85 of the firm's 300. Partners who left today fled to other firms including Clifford Chance and Covington & Burling. According to the Times, the crumbling firm's leadership is attempting to prearrange a bankruptcy filing combined with a merger with another firm; however, talks of joining with mega-firm Greenberg Traurig ended on Sunday. In addition, the firm said on Friday that Manhattan's district attorney was investigating possible financial improprieties by the firm's former chairman. Something positive, wrapped in something lousy? Sure. Some former partners are setting up a fund for staff and junior lawyers who may soon be out of a job; the market is rough for young associates and the machines may be taking the jobs no attorney really wants.

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