On Thursday, Dewey & LeBoeuf offered new incentives to its former partners for participating in a settlement in which the former partners are expected to pay up to $90.4 million…
Dewey’s clawback immunity plan has been troubled from the start. The first time it was proposed to former partners, it was offered as an assurance that creditors wouldn’t sue any…
On Tuesday, Bankruptcy Judge Martin Glenn approved a court filing of Dewey requesting an extension of its funding deadline, which was scheduled to lapse on Tuesday. The extra two weeks…
On Monday, U.S. Bankruptcy Judge Martin Glenn approved the bonus plan for Dewey employees, despite the objections of U.S. Trustee Tracy Hope Davis. The bonus plan, which allows Dewey to…
On Thursday, documents filed at the Manhattan bankruptcy court revealed a number of new facts about the last days of Dewey. For one, though we knew that the law firm…
Dewey’s “partnership contribution plan,” which attempted to garner $103.6 from former partners in exchange for immunity to clawbacks, has failed to gain the funds necessary. The plan would charge former…
On Wednesday, Judge Martin Glenn demanded further detail on a plan by Dewey & LeBoeuf to pay out as much as $450,000 in performance-based bonuses to employees who stayed over…
One of Dewey & LeBoeuf’s bankruptcy plans was to get partners to pay back some of the money they made in 2011 and 2012 in order to gain immunity from…
Nobody said bankruptcy is easy, but when you’re one of America’s largest law firms you can expect it will go down hard. Dewey & LeBoeuf are realizing just that after…
After news of the proposed settlement of $104 million that Dewey is seeking from former partners hit the market reactions have hardly been favorable. The former partners of Dewey are…
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Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
May 16, 2013 Read More
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