Posted Apr 26, 2012 02:30 pm CDT
Will Dewey & LeBoeuf be able to pull off a prepackaged bankruptcy and merger?
A top partner at potential suitor Greenberg Traurig tells the Am Law Daily that a full merger is unlikely. The anonymous partner said that Greenberg is more likely to “cherry pick internationally” from Dewey to increase its overseas presence. Greenberg already has significant expertise in practice areas of several Dewey “heavy hitters” in the United States, the partner said, so Greenberg is not likely to acquire those lawyers.
Yet Greenberg is apparently making overtures for a group of Dewey’s California partners, the Daily Journal (sub. req.) reports. Greenberg CEO Richard Rosenbaum traveled to Dewey’s California offices on Wednesday to meet with key lawyers, including mergers and acquisitions specialist Rick Climan and bankruptcy specialist Bruce Bennett, the story says. The discussions concern a large group of Dewey lawyers, a source tells the publication.
Meanwhile, Dewey lost another tax partner, New York lawyer Hershel Wein, who is joining KPMG with international tax partner Fred Gander. So far, at least 72 Dewey partners have left the firm.
If Dewey does opt for a bankruptcy, it could follow the lead of Ruden McClosky, which filed a first-of-its-kind prepackaged bankruptcy last year and was acquired by Greenspoon Marder.