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Dewey Files for Bankruptcy

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(FindLaw’s Courtside) – “Dewey & LeBoeuf has filed a voluntary petition for Chapter 11 bankruptcy in New York. The firm’s Chief Restructuring Officer, Jonathan Mitchell, said in a statement accompanying the petition that the firm will wind down its business and liquidate its assets. The petition lists the top 20 debts owed by the firm, but also estimates that the firm has over 5,000 creditors.”

  • See also NYT DealBook: “Dewey announced Monday that the firm planned to liquidate. It said it would ask about 90 employees to remain on staff to assist in the wind-down of its business. The firm has $315 million in liabilities, of which $225 million is owed to its banks, according to the court filings. Other creditors include the firm’s landlords and former partners owed money…Dewey’s collapse has devastated its employees. Hundreds of junior lawyers and support staff are looking for work in a difficult market.”
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