'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.

Never Tell People How Old They Look

Age discrimination affects us all. Who cares about youth? James Hamblin turns to his colleague Jeffrey Goldberg for advice.

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

Never Tell People How Old They Look

Age discrimination affects us all. James Hamblin turns to a colleague for advice.

Video

Would You Live in a Treehouse?

A treehouse can be an ideal office space, vacation rental, and way of reconnecting with your youth.

Video

Pittsburgh: 'Better Than You Thought'

How Steel City became a bikeable, walkable paradise

Video

A Four-Dimensional Tour of Boston

In this groundbreaking video, time moves at multiple speeds within a single frame.

Video

Who Made Pop Music So Repetitive? You Did.

If pop music is too homogenous, that's because listeners want it that way.

More in Business

Just In