Tue, 29 May 2012 | ADMINISTRATION
Law firm giant Dewey & LeBoeuf has filed for bankruptcy in the US, with its UK operations also put into administration.
Mark Shaw and Shay Bannon of BDO have been drafted in to act as the joint administrators for Dewey & LeBoeuf’s UK LLP. Since then most of its staff have lost their jobs, with a small team kept on to assist with the closing down process.
Dewey & LeBoeuf's UK arm operated from offices in London and Paris. Its division Dewey & LeBoeuf Services Ltd has also entered administration.
“D&L UK have generated significant profits, but it could not escape the serious issues which have affected the Dewey &LeBoeuf global business,” Mr Shaw commented in a statement.
“We have worked with D&L UK’s management, the legal regulators and other stakeholders over the last few weeks to ensure that client interests and files are protected, at the same time as maximising return to creditors of both D&L UK and D&L Services.”
The firm is, he concluded, to be wound down in a controlled, organised way.
The troubles Dewey & LeBoeuf experienced in the US, were blamed on the continued stagnancy in the economy leading to insufficient cash to cover its expenses and full compensation expectations. The situation was exacerbated by the exodus of about 300 of its partners to rival firms over uncertainty surrounding compensation and its substantial debts. Dewey’s listed liabilities stood between $100 million and $500 million.
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