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.