Why Law Firms Collapse

Law360, New York (June 12, 2015, 10:30 AM EDT) -- The leaders of the collapsed law firm Dewey & LeBoeuf are on trial and each new day of testimony delivers more damning evidence about how they built a massive financial fraud. One email shows the former chief financial officer, Joel Sanders, brazenly describing a sum of $25 million as “fake income.”

The real cause of Dewey’s collapse, however, was not financial fraud. The more serious problem was that Dewey — like all American law firms — had deep cracks in its organizational structure. The professional ethics...
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