Dewey & LeBoeuf Files For Bankruptcy

Law360, New York (May 28, 2012, 12:00 AM EDT) -- Following the defection of more than half its partners, debt-ridden Dewey & LeBoeuf LLP filed for bankruptcy Monday night, marking one of the largest law firm collapses in U.S. history.

New York-based Dewey filed for Chapter 11 in Manhattan bankruptcy court, listing debts of $245 million and assets of $193 million.

The petition is not aimed at a restructuring but an orderly winding down of the embattled firm, which in its glory days boasted 1,300 attorneys in 12 countries across the globe.

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