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Earlier this week, the management team at Dewey & LeBoeuf was decimated. The team was made up of four people. Martin Bienenstock, the bankruptcy chief, is leaving the firm for Proskauer Rose. Bienenstock is the third person from the four-member management team to leave the firm this week. The sources reporting the departure of Bienenstock are unidentified.
Reports from earlier this week claim that two other members of the management team are leaving Dewey for others firms. Those two members are Jeffrey Kessler, the litigation chief, and Richard Shutran, the corporate co-chair. The only member from the management team left is that of Charles Landgraf. People in the legal industry are wondering who will turn the lights off at Dewey once it closes if no one is left at the firm.
The news of the management team departure comes only one day after a lawsuit was filed against Dewey by an employee. The lawsuit was filed on behalf of 450 employees who claim they did not receive their layoff notices that are required by state and federal law. The Pension Benefit Guaranty Corp. has taken over the pension plans at Dewey, which are reportedly underfunded by close to $80 million. Members of Dewey’s support staff were told that today would be their final day at the firm while some associates at Dewey have been told that they will be let go on Tuesday of this coming week.
