Wall Street Journal: Dewey & LeBoeuf Is Getting Prepared for Possible Near-Term Bankruptcy Filing
Citing unidentified sources, the Wall Street Journal (sub. req.) is reporting that Dewey & LeBoeuf is working with a restructuring specialist and hopes to be ready to make a potential bankruptcy filing by the end of next week.
However, an actual filing could come some time later or conceivably not at all, according to the newspaper, since no final decisions have been made. While the law firm is clearly on the verge of winding up its operations, its representatives have been saying publicly that a bankruptcy filing is not planned.
Meanwhile, a steady stream of partners continues to head to other law firms. A recent Reuters article estimates that at least two-thirds of the 300 or so partners at Dewey as of the end of 2011 have left the firm so far in 2012.
ABAJournal.com: “Dewey & LeBoeuf ‘Is Not Formally Closed,’ Says Law Firm Spokesman”
ABAJournal.com: “Dewey & LeBoeuf’s DC Landlord Sues Firm Over $550K in Claimed Unpaid Rent”