Dewey’s Bienenstock Is Reportedly Moving to Proskauer; He’s the Third Departing Manager
By Debra Cassens Weiss
May 11, 2012, 08:09 am CDT
Dewey & LeBoeuf’s four-person management team was decimated this week.
A third member of the four-person team—bankruptcy chief Martin Bienenstock—is reportedly leaving, report the Wall Street Journal (sub. req.) and the Wall Street Journal Law Blog. The stories rely on unnamed sources who say Bienenstock, a top rainmaker, is headed to Proskauer Rose.
News reports this week said two other management committee members are also leaving the firm. They are litigation chief Jeffrey Kessler and corporate co-chair Richard Shutran.
The final member of the management team is Charles Landgraf. “Who will be there to turn out the lights at Dewey & LeBoeuf?” the Law Blog asks.
The news comes one day after a Dewey employee filed a lawsuit on behalf of some 450 employees that claims they didn't get the layoff notices required under state and federal law. Meanwhile the Pension Benefit Guaranty Corp. has moved to take over Dewey’s pension plans, saying they are underfunded by about $80 million.
Support staffers have been told today is their last day, while some associates have been told they will be laid off on Tuesday.