Dewey Faces Uphill Battle To Overcome Financial Woes

Law360, New York (March 16, 2012, 11:21 PM EDT) -- Dewey & LeBoeuf LLP is taking the right cost-cutting measures, but legal industry analysts say the firm, which is reportedly struggling to meet its obligations to partners and dealing with defections, faces an uphill battle to avoid meeting the fate of now-defunct firms.

The firm, which has aggressively pursued lateral hires in recent years, is now reportedly deferring salary payments and asking partners to take pay cuts. According to California-based legal publication the Daily Journal, the firm owes partners more than $100 million in deferred compensation....
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