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With all the talk of Dewey LeBoeuf’s crisis, following a 2012 partner loss of 30, its announced delay of paying bonuses to May 31, and its anticipated 2013 repayment of their massive debts, the firm has hired Michael Sitrick to be their public relations specialist. Sitrick, “Ninja Master of the Dark Art of Spin,” has been recruited to fight the negative buzz.
The firm felt compelled to report Thursday that “Dewey’s financial position is strong and the vast majority of its partners are supportive of the changes being made to further strengthen the firm…. We are producing the best work in the history of the firm and producing some of its strongest ever results. The overwhelming majority of our partners are excited about our future.”
Of the partners excluded from that majority are a dozen who recently left the firm’s core insurance practice, who joined up with Willkie Farr & Gallagher.
Dewey saw a 1 per cent increase in gross revenue between 2010 (at $910 million) and 2011 (at $935 million), a bit shy of its goals, and has therefore decided to cut the number of its lawyer staff by 5 per cent, and the number of its nonlawyer staff by 6 per cent. The firm denies there will be any crisis as it begins paying its $125 million in bonds next year.
With Sitrick working with them, Dewey intends to keep the cheer in the face of rumors.
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