Dewey Clawback Plan to Be Revised to Address Partner Concerns
Posted Jul 20, 2012 8:51 AM CDT
By Debra Cassens Weiss
Dewey & LeBoeuf’s proposed $103.6 million clawback settlement will be revised after several former partners expressed misgivings about fairness.
Dewey's chief restructuring officer, Joff Mitchell, told partners in an email on Thursday that the plan will be modified, report the Wall Street Journal Law Blog and the Am Law Daily. The deadline for agreement will also be pushed back by two weeks.
Details of the revisions have not yet been released. The current plan would require individual partners to pay amounts ranging from $25,000 to $3 million in exchange for a release from future liability.
A group of Dewey & LeBoeuf retirees had claimed the plan was unfair because it protected firm leaders from lawsuits and capped payouts by highly compensated partners.