The crippled law firm Dewey & Leboeuf LLP filed for chapter 11 bankruptcy protection Monday night and will seek approval to liquidate its business after failing to find a merger partner, marking the biggest collapse of a law firm in U.S. history.
Once one of the
largest law firms in the U.S., Dewey has been hit by the loss of the
vast majority of its roughly 300 partners to other firms amid concerns
about compensation and a heavy debt load.
Dewey listed liabilities in the range of $100 million to $500 million, according to the filing. It had already terminated 433 of its 533 New York employees earlier this month, according to the state's labor department.
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