Posted Jul 11, 2012 10:55 pm CDT
In a settlement proposed Wednesday to some 700 former partners of Dewey & LeBoeuf, those in charge of the Chapter 11 bankruptcy under which the firm is being wound down are asking for a $103.6 million clawback.
The partners have until July 24 to decide whether to accept the settlement, which would require individual partners to pay amounts ranging from $25,000 to $3 million in exchange for a release from future liability, the Wall Street Journal (sub. req.) reports.
The bankruptcy, which is the biggest ever for a U.S. law firm, involves an estimated $315 million in debt due to banks and other Dewey creditors. The estate is also seeking to collect $217 million in existing client billings and another $60 million or from uncompleted work taken by former partners to other law firms.
Reuters also has a story.