No other firm has made any gestures towards leaving, though Dewey’s Italian office keeps getting pestered whether they are next.
“The Italian partners, as all other worldwide partners are following with a great degree of attention the evolution of the LLP,” they wrote in a statement, quoted by AM Law Daily, “but are confident that the current situation can be solved and that they will be able to continue being part of a network of great quality and tradition of Dewey & LeBoeuf. Should the LLP situation develop otherwise, the Italian partners’ common main goal shall be to preserve the unity and strength of a group of professional that autonomously has achieved a leadership position on the Italian market.”
After nine years, they are sticking it out. Camille Abousleiman, who is leading the team from the firms Dubai office, wasn’t so willing. His team received offers from their top two choices, and they chose Dechert because their lack of debt “was attractive to us,” he said, sounding like a man whose rebound girl lacks all the vices that bugged him so much in his ex.
Meanwhile, Dewey may be considering a pre-packaged bankruptcy, in light of their nearly 70 partner loss. The firm led by Martin Bienestock and Bruce Bennett may take the plan and finally merge with another U.S. firm, says an anonymous source. Nevertheless, they are calling the partner exodus a “restructuring process.”
Further, Bennett denied meeting with the bankruptcy attorney rumors put in his council: “The firm has not hired a bankruptcy attorney and I think I would know if it had.”
Nevertheless, what to do? Says bankruptcy lawyer Chip Bowles, “Unless they get to a stopping point on the bleeding, it will simply collapse,” he said, noting that no large firm has ever come out of bankruptcy.