'The Largest Law Firm Collapse in United States History'

Dewey & LeBoeuf, an international law behemoth that once employed more than 2,500 people around the world, set a sad record when it filed for bankruptcy on Monday night. The short story is that key partners, worried that the firm's woeful finances would cut into their take-home pay, left the company in a mass exodus that precipitated its doom.

Bloomberg's Linda Sandler, Sophia Peterson, and Joe Schneider point out that Dewey is about $245 million in debt which overshadows its $193 million in assets. Lattman adds that the firm has in total some $315 million in liabilities. Oof.

Before being known as the largest law firm collapse in U.S. history, you may have remembered Dewey as the firm that helped restructure the Dodgers or the firm that had around 1,300 attorneys working in 26 offices around the world and employed more than 2,500 people at its peak thanks to a 2007 merger between Dewey Ballantine and LeBoeuf, Lamb, Greene & Mcrae.

Read the full story at The Atlantic Wire.

Presented by

The Atlantic Wire is your authoritative guide to the news and ideas that matter most right now.

Things Not to Say to a Pregnant Woman

You don't have to tell her how big she is. You don't need to touch her belly.

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.

blog comments powered by Disqus

Video

Things Not to Say to a Pregnant Woman

You don't have to tell her how big she is. You don't need to touch her belly.

Video

Maine's Underground Street Art

"Graffiti is the farthest thing from anarchy."

Video

The Joy of Running in a Beautiful Place

A love letter to California's Marin Headlands

Video

'I Didn't Even Know What I Was Going Through'

A 17-year-old describes his struggles with depression.

Video

Google Street View, Transformed Into a Tiny Planet

A 360-degree tour of our world, made entirely from Google's panoramas

Video

The Farmer Who Won't Quit

A filmmaker returns to his hometown to profile the patriarch of a family farm

Video

Riding Unicycles in a Cave

"If you fall down and break your leg, there's no way out."

Video

Carrot: A Pitch-Perfect Satire of Tech

"It's not just a vegetable. It's what a vegetable should be."

More in Business

Just In