Law Firms Pause Partners' Profit Distribution

Law360, New York (November 3, 2008, 12:00 AM EST) -- Dewey & LeBoeuf LLP stopped distributing monthly profits to its partners back in August in an effort to save cash and take precautionary steps during the global financial crisis, the firm acknowledged Monday.

After a strong month in October, Dewey plans to resume the payments this month, but will continue to monitor the firm's income in the coming months, the firm said in a statement.

“We've decided to build up a significant cash cushion,” said Steven Davis, the firm's chairman. “As the global economy remains full...
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