Dewey Denies Bankruptcy Strategy, Encourages Partners To Flee

Law360, New York (April 30, 2012, 1:02 PM EDT) -- Dewey & LeBoeuf LLP denied reports Tuesday that the firm was currently considering bankruptcy protection, even as it reportedly encouraged its partners in an internal memo to seek employment outside the faltering firm.

Martin Bienenstock, a partner for Dewey's recently created Office of the Chairman, told Law360 that bankruptcy was always a last resort and was not in the firm’s current plans.

“If real property and equipment leases are assumed by other firms or renegotiated, and the lenders realize on their accounts receivable and inventory, there...
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