Now in Legal Rebels:
Posted Sep 18, 2012 12:10 pm CDT
Dewey & LeBoeuf’s chief restructuring officer is seeking to pay bonuses to three former employees helping in the wind down, including a $165,000 payment to the firm’s former finance director.
A court filing last week seeks that amount for Frank Canellas, along with $50,000 for the firm’s former director of billing and $5,000 for the former collections manager, the Am Law Daily reports.
If the bonuses are not approved, the employees are expected to find new jobs or pursue other opportunities, leaving the debtor without essential services, the filing says. The U.S. trustee’s office is planning to oppose the bonuses, according to the court document.
The Am Law Daily has details of Canellas’ salary history from a declaration filed with the motion. Canellas was paid only $11 an hour when he began his career at LeBoeuf, Lamb, Greene & MacRae as an accounting intern in 2000. He was named finance director in 2007, and for the next few years he made $235,000 in base salary and up to $210,000 in bonuses. This year, his base salary was $400,000 and he received a partial bonus of $100,000 before the bankruptcy filing.