Large New York–based corporate law firm Dewey & LeBoeuf LLP finally crumbled under the pressure of debt, filing for Chapter 11 bankruptcy protection in federal district court Monday evening. The mega-firm that once employed about 950 attorneys internationally has been bleeding partners for months now, with many of getting picked up by rival firms. This bankruptcy filing will mark the end of the firm that represents the humongous 2007 merger of Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae. Its officials seek an orderly wind-down of business and will not reorganize. The firm writes in a press release, "Unlike most other Chapter 11 cases, this filing does not anticipate a return to business but rather a managed wind-down of affairs, followed by liquidation."
There is a silver lining here: Now a bankruptcy lawyer has some work, and other attorneys will eventually be involved in clawback suits from creditors seeking to recover money. Sounds like we can expect an increase in billable hours!