Business of Law
Dewey’s bankruptcy lawyer: More large law firms will fail (video)
Posted May 23, 2013 9:40 AM CST
By Lee Pacchia
While failed law firms make for notoriously difficult bankrupty cases, Dewey & LeBoeuf's time in bankruptcy court was quicker and easier than other notable law firms.
Joe Samet, head of restructuring at Baker & McKenzie, and Al Togut, founding partner at Togut, Segal & Segal, talk with Bloomberg Law's Lee Pacchia about why Dewey's case went so smoothly compared to others; the prospects for other large law firm failures; and how managing partners can keep their firms out of bankruptcy. Both Togut and Samet agree that creating a culture of transparency goes a long way to avoiding a law firm failure.
"Except for a select group of people at the very top, the rest of the people at the firm have no idea, none, of what's going on," Togut says.