Dewey & LeBoeuf Bankruptcy Filing Marks Biggest Law Firm Collapse In U.S. History

more+
less-

Dewey & LeBoeuf Bankruptcy Filing Marks Biggest Law Firm Collapse In U.S. History

by Joel R. Glucksman on June 5, 2012

Law firm Dewey & LeBoeuf filed for Chapter 11 protection under bankruptcy law this week, a move that will be followed by liquidation and represent the single largest collapse of a legal firm in the history of the United States.

The firm cited several reasons for its collapse, including the economic downturn, excessive compensation, climbing debt and, most recently, the loss of the majority of its partners. The mass exodus of partners after the firm warned it might shut down led to a significant drop in revenue, which created a domino effect of even more partners defecting.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Joel Glucksman, Scarinci Hollenbeck | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×