Citi Pursues Ex-Dewey Partner Over Capital Contribution Loan
September 7, 2012
Citi sued Steven Otillar in New York state court just three days after Dewey's May 28 bankruptcy filing. At issue: $209,670 Citi loaned Otillar, a Houston-based energy and finance lawyer who joined Dewey as a junior partner from Baker & McKenzie in January 2011, so that he could meet the capital demands of his new firm.
Dewey Bankruptcy Advisers Seek to Keep Control of Case, Win Settlement Approval
August 31, 2012
In a slew of motions filed late on Aug. 29, the advisers steering Dewey & LeBoeuf through bankruptcy launched an aggressive campaign to keep control of the case, relying on what has become their mantra throughout the proceedings: that the largest law firm ever to fail will also be the quickest to clean up.
Demise of Dewey Leaves Some Groups Scrambling for Pro Bono Counsel
August 28, 2012
Although other law firm collapses have left organizations scrambling to reassign pro bono work, Dewey's disappearance has struck a particularly significant blow given the extent of its contributions. In 2011, The American Lawyer ranked the firm fifth among the nation's largest law firms for its commitment to pro bono.
Dewey Advisers Say $90.4M Settlement Plan Hits Key Goal
August 17, 2012
A proposed pact with former Dewey & LeBoeuf partners designed to raise much-needed cash for the bankrupt firm's creditors is set to move forward, just hours ahead of a 5 p.m. deadline yesterday.
Judge Approves Most of Dewey Estate's Proposed Bonus Plan
August 1, 2012
There may be "no future in working for Dewey & LeBoeuf," as the defunct law firm's lead bankruptcy lawyer, Albert Togut, said at a hearing last week, but there will be bonuses for the handful of employees who stick around a while longer to help wrap up its operations.
Revised Dewey Contribution Plan Would Take Bigger Bite From Ex-Leaders
July 30, 2012
On July 25, the stewards of the Dewey bankruptcy moved to build more support for the settlement proposal and address concerns that those who were presumably in a position to halt the firm's collapse were not being asked to repay the estate more based on their status.
Deadline Extended for Dewey Lawyers to Sign on to 'Wind Down' Plan
July 23, 2012
Citing widely held concerns voiced by former Dewey & LeBoeuf partners, the bankrupt firm's chief restructuring officer said that the deadline for agreeing to a proposed $103.6 million settlement has been moved up two weeks and that revisions to the original plan will be announced this week.
Dewey's Bankruptcy Case, Developments in Madoff, Sbarro, Ritz Camera
July 18, 2012
In his Bankruptcy Update, Edward E. Neiger, founding partner of Neiger LLP, reviews recent developments, including the filings of two high-profile entities and how they hope to use the bankruptcy process to achieve their respective goals.
Former Dewey Partners Criticize Settlement Proposal
July 16, 2012
A proposed settlement presented July 11 to former Dewey & LeBoeuf partners asking them to chip in between $25,000 and $3 million apiece in exchange for a waiver of liability related to the bankrupt law firm is already meeting serious resistance, with initial reactions ranging from skepticism to anger.
Former Dewey Partners Hear Plan to Forestall Litigation
July 13, 2012
The leadership team overseeing the bankrupt remnants of Dewey & LeBoeuf laid out a proposed settlement plan to former firm partners on July 11 under which those partners are being asked to pay the Chapter 11 estate between $25,000 and $3 million each for a combined total of $103.6 million.
Judge Vets Advisers in Dewey Bankruptcy Proceeding
July 11, 2012
While none emerged unscathed, six of nine professional firms seeking a role in the Dewey bankruptcy - including lead bankruptcy counsel Togut, Segal & Segal - received the court's approval to forge ahead in their efforts on behalf of the defunct firm.
Bankruptcy Estate Moves to Jettison Dewey Leases
June 25, 2012
The Dewey & LeBoeuf estate hopes to void two dozen leases on office space the now-bankrupt firm occupied around the world before it ceased practicing law last month.
U.S. Takes Over Three Dewey Retirement Plans
June 18, 2012
The Pension Benefit Guaranty Corporation sued Dewey exactly one month ago, seeking to terminate the plans as of May 11 and to place them under PBGC control.
Why Dewey Died: Three Perspectives
June 18, 2012
A collection of post-mortems analyzing the possible reasons behind the fall of a powerful law firm.
Ex-Dewey Leaders Hid Firm's Condition, Suit Says
June 14, 2012
Former Dewey & LeBoeuf partner Henry Bunsow is accusing multiple Dewey leaders, including longtime chairman Steven Davis, of committing fraud by lying about the true state of the now-bankrupt firm's finances.
Dewey Judge Pushes Lawyers to Get to the Point
June 4, 2012
Southern District Bankruptcy Judge Martin Glenn has a reputation as a well-prepared judge who keeps tight reins on his cases. "Lawyers will frequently get a couple of sentences out before I interrupt with questions," Glenn said in an interview. "That isn't always the most pleasant experience from a lawyer's standpoint."
In Wake of Dewey, Considering Alternative Business Structures
June 1, 2012
Lawrence W. Newman and David Zaslowsky, members of Baker & McKenzie, ask: Could there have been a different outcome to the Dewey & LeBoeuf debacle if it had made what appears to have been ill-advised management decisions in the context of a different regulatory regime that permitted a different capital structure?
Creditors and Lawyers Assess Impact of Dewey Bankruptcy
May 29, 2012
As Dewey & LeBoeuf husbanded its remaining cash in the first stages of bankruptcy yesterday, creditors and lawyers representing parties in the bankruptcy mulled over how much of their unpaid bills would be covered. Not much was the conclusion of many.
A Dewey Bankruptcy Filing Would Raise Novel Issues
May 29, 2012
Although a string of law firms have filed for bankruptcy in recent years, Dewey & LeBoeuf would be the largest to file for Chapter 11 and would raise novel issues, including the firm's bond debt, unusual secured creditors, a criminal investigation and the firm's large global footprint.
Banks Who Held Dewey Debt Are Selling Their Shares
May 25, 2012
The sale of the bank debt would create an usual bankruptcy for the firm. Dewey has not filed for bankruptcy, but the firm has reportedly been considering a bankruptcy filing.
Overdue Diligence? Changing Firms at a Time of Dissolutions
May 25, 2012
In his Law Firm Partnership Law column, Arthur J. Ciampi, the managing member of Ciampi LLC, offers some suggested areas of inquiry to partners evaluating a move to a new firm in the hope that such due diligence will help them better evaluate the risk inherent in moving firms and joining a new partnership in light of the recent Dewey debacle.
Ex-Dewey Partners to Hire Lawyers for Possible Claims
May 22, 2012
More than 50 former partners, organized by an informal steering committee, are expected to retain Mark Zauderer, a partner at Flemming Zulack Williamson Zauderer.
Dewey Partners Requested to Preserve Data for Probe
May 17, 2012
Partners were asked to save documents relating to guaranteed payments; partner compensation; capital or other contributions; borrowing or other forms of indebtedness; meetings of the executive committee or office of the chairman; and financial statements, according to a person familiar with the matter who asked not to be identified.
As More Lawyers Head for Exit, Dewey Faces Several Lawsuits
May 16, 2012
"Dewey & LeBoeuf is unexpectedly experiencing extraordinary difficulties. Unfortunately, the situation is deteriorating at a more rapid pace than was initially anticipated" the firm said in an e-mail to associates that provided a formal termination letter and protocol for their last day.
Ripples From Dewey Collapse Swamp Lawyer Job Market
May 15, 2012
Recruiters were hearing from Dewey partners and associates months before rising costs and falling revenues prompted the firm to replace chairman Steven Davis in April. "There were junior partners who were getting paid very little and we were hearing from them last year," said a senior New York recruiter who wished to remain anonymous.
Ex-Dewey Staffers Feel 'Thrown Under Bus'
May 14, 2012
New York employees of beleaguered Dewey & LeBoeuf collected their belongings on May 11 and said goodbye to colleagues after the firm laid off scores of non-attorney personnel. Some staffers described the mood as somber, while others expressed anger at firm management, blaming them for orchestrating what is shaping up as the largest law firm failure in history.
Bienenstock Takes Practice to Proskauer
May 14, 2012
Martin Bienenstock chaired Dewey's business solutions and corporate governance department. Following him to Proskauer will be partners Philip Abelson, Irena Goldstein, Timothy Karcher, Michael Kessler and Judy Liu. They will join Proskauer's bankruptcy and restructuring group.
Dewey Hit with WARN Suit as Partner Departures Suggest Merger Didn't Take
May 11, 2012
The struggling firm finds itself hit with its first suit under the Worker Adjustment and Retraining Act, and federal regulators moved to take over its underfunded pension plans.
Cooley, Lankler Siffert, and Richards Kibbe Now Involved in Dewey Probe
May 11, 2012
Dewey has hired Frank Wohl, a former federal prosecutor and name partner at New York's Lankler Siffert & Wohl, as outside counsel for a criminal probe of its former chairman Steven Davis, says a source close to the investigation.
Partner Departures Continue at Dewey & LeBoeuf
May 11, 2012
Meanwhile, Dewey's management continues to talk with other firms, meeting with lenders and "trying to work out deals with creditors" while getting advice, said Bill Brandt, a consultant who often advises bankrupt law firms and their estates.
Two Dewey Leaders Join Other Firms
May 10, 2012
Half of Dewey & LeBoeuf's leadership announced yesterday they are leaving. Richard Shutran and Jeffrey Kessler, partners in Dewey's office of the chairman, found positions at other firms.
Layoffs Begin Next Week for Some Dewey Associates
May 9, 2012
Some associates in Dewey & LeBoeuf's New York office were told yesterday in a meeting that May 15 would be their last day, according to an associate at the firm who was told by others who attended the meeting.
Dewey & LeBoeuf Mulls Options in Wake of Job-Cuts Notice
May 8, 2012
With its employees now on notice that they could be terminated, the firm is still exploring a variety of options for alliances with other law firms, a consultant hired by the firm said yesterday. Operating on its own is a tougher possibility, he added.
Dewey Puts Employees on Notice For Termination; Banks Take Step to Secure Interest
May 7, 2012
Though Dewey & LeBoeuf leaders spent much of the week publicly denying that they are poised to shut down the struggling firm, Friday ended with the clearest signal yet that the end is in fact drawing near.
As Dewey Sinks, Davis Backers Take Aim at Departed Partner Over $9.6 Million Bill
May 7, 2012
Several of Steven Davis's former LeBoeuf Lamb colleagues are taking issue with what they see as a concerted effort by those tied to legacy firm Dewey Ballantine to blame the ousted chairman for all the struggling firm's woes.
Decline of Dewey & LeBoeuf Accelerates
May 4, 2012
Amidst reports that Dewey is poised to shut its doors following more than 100 partners' exits, highly-placed partner Jeffrey Kessler said in an e-mail "there is no plan to close on May 15" and there are no plans for a vote of dissolution.
Former Leader Exiting Dewey Today, Joining White & Case Immediately
May 3, 2012
Morton Pierce, 62, making one of his last phone calls from his longtime firm, told the Law Journal he is leaving because of "what's happening at the firm that you can read about in the papers and the blogs daily."
From the May 3 Personal Notes
Gordon Warnke has joined the U.S. tax practice at Linklaters as a partner and will head the firm's New York tax group. He was a partner at Dewey & LeBoeuf and chair of Dewey's tax department.
At a Grim Dewey, More Partners Scatter
May 2, 2012
A heightened sense of urgency gripped Dewey & LeBoeuf Tuesday as its remaining attorneys and staff awoke to confront the grim prospect that the end is indeed near for an enterprise whose roots go back more than a century.
Patton Boggs Adds 4 Lawyers From Dewey
April 30, 2012
The new partners include John Nonna, who was chair of Dewey's insurance and reinsurance dispute resolution practice and will lead Patton Boggs' practice in the area.
Manhattan D.A. Launches Criminal Probe of Ex-Dewey Chair Davis; Firm Opens Internal Inquiry
April 27, 2012
An unsigned, two-paragraph memo, sent by the firm's office of the chairman to partners worldwide late Friday, states that Dewey leaders learned of the D.A.'s investigation earlier in the day.
Amid Bankruptcy Reports, Dewey Says It's Eyeing All Options
April 24, 2012
Greenberg Traurig confirmed on April 20 that it has had preliminary discussions about hiring an unspecified number of lawyers from Dewey & LeBoeuf, which is reportedly considering a prepackaged bankruptcy plan in order to keep intact the bulk of the 1,000-lawyer New York-based firm as it copes with a deteriorating financial situation and mass partner exodus.
Dewey Losses Accelerate As 7 More Partners Depart
April 18, 2012
A five-partner energy and infrastructure team is jumping to Hunton & Williams, and two corporate and securities partners are joining Pillsbury Winthrop Shaw Pittman.
From the April 17 Personal Notes
Litigator William Primps has joined Dorsey & Whitney as a partner in the trial group. Primps, who focuses on antitrust, energy, insurance and regulated industries, was a partner at Dewey & LeBoeuf.
From the April 16 Personal Notes
Mayer Brown has added Richard "Ricky" Spitzer as a partner in the insurance finance group and the banking and finance practice. He was a partner at Dewey & LeBoeuf.
From the April 10 Personal Notes
Stephen Rooney has joined Mayer Brown as a partner and co-leader of the insurance finance group. He also is a member of the banking and finance practice. He was a partner at Dewey & LeBoeuf and served as global chair of that firm's structured finance practice.
From the April 2 Personal Notes
Antitrust litigator Eamon O'Kelly has joined Arent Fox as a partner from Dewey & LeBoeuf.
Dewey Replacing Leadership Model
March 29, 2012
Faced with a spate of high-level departures, questions about fiscal health, and a wave of negative publicity, Dewey & LeBoeuf's leadership team told partners late on March 26 that, pending their approval, the firm will replace its current governance structure with a five-member "office of the chairman" and that London M&A partner Stephen Horvath will take control of day-to-day operations.
Dewey & LeBoeuf Sees More Departures as Six Partners Move to Sutherland
March 27, 2012
The lawyers leaving include John Pruitt and Cynthia Shoss, the New York-based co-heads of the firm's insurance regulatory practice; and Jeffrey Mace, head of the firm's Lloyd's of London and Lloyd's Market practice.
Dewey & LeBoeuf Insurance Team Joins Willkie Farr
March 20, 2012
Dewey & LeBoeuf had previously lost at least 18 partners in the first two months of 2012.