Home

Dewey Files Chapter 11; Judge Denies Request to Tap Their Collateral
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Well it was a long time coming, but Dewey & LeBoeuf have succumbed to what many have called inevitable: listing $315 million in liabilities, Dewey has become the largest law firm in history to file for Chapter 11 bankruptcy.

With U.S. Bankruptcy Court Judge Martin Glenn presiding, a former partner of O’Melveny & Myers, Dewey kicked it off with an opening statement from their attorney Albert Togut:

“I can finally confirm the worst-kept secret of the year. I am counsel for Dewey & LeBoeuf.” But it seems everything about Dewey has been a worst-kept secret, and the firm itself affirms the persistent buzz of their immanent collapse as a major contribution to what lead their lawyers to make a mass exeunt.

  
What
Where


In his 20 minute opening statement, Togut outlined the plotline of Dewey’s bankruptcy: he began with the 2007 merger of Dewey Ballantine and LeBoeuf, Lamb, Greene, & MacRae, the cost of the Great Recession, and concluded with the firms struggle with mounting debts and declining revenue that led most of their 300 partners to flee.

Most of the subsequent proceedings regarded Dewey’s failed attempt for Glenn to grant lenders a lien on the proceeds of future litigations so that Dewey could use their collateral; Glenn called the lien demand unreasonable.

The other 8 motions Dewey put forth, on the other hand, Glenn affirmed, such as allowing the estate to pay its employees and taxes before the firm filed bankruptcy, to continue to have access to their bank accounts, and to maintain their insurance policies. He also said that the partners should work out a way to fund a $700,000 insurance policy to cover Dewey’s dissolution team.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Though Dewey’s demise is the greatest in history, outstripping such goliaths as Brobeck, Phleger & Harrison; Cloudert Brothers’ Howery; Heller Ehrman; and the rest, with Dewey filing at $315 million, nevertheless, Togut said that “This is a group of people ho have acted responsibly.”





 

RELEVANT JOBS

Litigation Employment Attorney (Remote) in Burbank, CA.

USA-CA-Burbank

     We are a small and highly respected Burbank based REMOTE employment litigation d...

Apply now

Litigation Attorney

USA-CA-Torrance

​Position: Associate Attorney Firm: The Legacy Lawyers, P.C. Culture: "America First Pat...

Apply now

Litigation Attorney

USA-CA-Irvine

​Position: Associate Attorney Firm: The Legacy Lawyers, P.C. Culture: "America First Pat...

Apply now

Associate Attorney - Defense Litigation Experience

USA-TX-Dallas

Galloway\'s Dallas office is seeking an Associate Attorneys with 1 - 2 years of experience...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Education Law Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with ...

Apply Now

Education Law Attorney

USA-CA-Carlsbad

Carlsbad office of a BCG Attorney Search Top Ranked Law Firm seeks an education law attorney with 4-...

Apply Now

Education Law and Public Entity Attorney

USA-CA-El Segundo

El Segundo office of a BCG Attorney Search Top Ranked Law Firm seeks an education law and public ent...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top