Home

Former Partners of Dewey & LeBoeuf Given Extension
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

There is more news about the failed law firm of Dewey & LeBoeuf LLP. This time, it involves an extension for former partners from Dewey & LeBoeuf LLP have been granted an extra 48 hours to determine if they would like to join a $90.4 million ‘clawback’ settlement. If they join the settlement then it would release the former partners from any future liability. They would have to return segments of payments they received in 2011 and 2012 though. The original deadline to decide was Tuesday at 5 p.m. If the partners agree to the deal then the firm would be able to repay millions to creditors, according to the Wall Street Journal.

An email was sent to former partners about the Partner Contribution Plan. It reads:

  
What
Where


Subject: Deadline Extended – August 16, 2012 at 5 pm NY time

In a few hours, we will post the revised PCP agreement for your review and signature.  The reason for the delay in posting this is simple:  lawyers for partners, the lenders and the Official Committee of Unsecured Creditors participated in drafting changes that we deemed important and there were a lot of people involved in this process which made it time-consuming.  Just as one example, this final version of the PCP contains a provision for PCP participants to receive releases from the lenders which was not in any of the prior versions.

We are now done and this is the final agreement.  We will not make any further revisions.

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!!




There is no word yet as to how many former partners want to agree to the settlement, which has a minimum threshold of $50 million. Another email was sent to former partners on Tuesday thanking those who have already signed up for the settlement. That email reads:

Thank you to those of you who have already signed and returned the earlier version. If you have done so, there will be instructions for signing the new agreement. And thank you to everyone for your patience.



The attorney representing the unsecured creditors of Dewey, Ed Weisfelner, is from Brown Rudnick LLP. He said that his clients are prepared to “reluctantly support the program” since an agreement has been reached.

“The partner contribution program, as its ultimately morphed itself, with the conditions and releases, represents in my view a very, very good deal for the former partners,” Weisfelner said. “We feel it’s the way to go unless we want to follow the mold of many unfortunate law firm dissolutions. Nobody is going to walk out of this thing happy.”



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Corporate, Mergers and Acquisitions and Securities Associate Attorney

USA-NY-New York City

New York City office of our client seeks corporate, mergers and acquisitions and securities associat...

Apply Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Eminent Domain Attorney

USA-TX-Richmond

Richmond office of our client seeks eminent domain attorney with 5+ years of experience. The candida...

Apply Now

RELEVANT JOBS

Corporate Attorney

USA-NJ-Mount Laurel

Parker McCay is seeking a mid-level attorney to join the corporate transactional department, a dynam...

Apply now

Labor, Employment, and Education Attorney

USA-NJ-Mount Laurel

Parker McCay is seeking an experienced attorney to focus on all aspects of counseling and litigation...

Apply now

Litigation paralegal

USA-TX-Dallas

We are looking to immediately hire a responsible, highly organized, self-motivated litigation parale...

Apply now

Attorney

USA-TX-Dallas

Associate Attorney – 7 to 10 Years’ Experience - Dallas/Fort Worth   ...

Apply now

SEARCH IN ARCHIVE

To Top