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

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.


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.”



Lead Attorney

USA-VA-Virginia Beach

Multi-state legal recoveries Firm seeks Lead Attorney to join its Virginia Beach, VA office. This is...

Apply now



CHENEGA HEALTHCARE SERVICES, LLC Washington DC   The Paralegal II shall prov...

Apply now

Accounting Manager

USA-TX-El Paso

Key Duties & Responsibilities: “Hands on” management of the general ledger, accoun...

Apply now

Managing Attorney

USA-TX-El Paso

The ideal candidate will have the following traits: Sharp Organized Decision maker Flexi...

Apply now




Search Now

Litigation Associate Attorney

USA-CA-Los Angeles

Los Angeles office of a BCG Attorney Search Top Ranked Law Firm seeks a litigation associate attorne...

Apply Now

Corporate Transactional Partner

USA-CA-Los Angeles

Los Angeles office of a BCG Attorney Search Top Ranked Law Firm seeks a corporate transactional part...

Apply Now

Corporate Transactional Partner


Austin office of a BCG Attorney Search Top Ranked Law Firm seeks a corporate transactional partner w...

Apply Now


To Top