One of America's top 20 law firms files for Chapter 11 bankruptcy
The business and legal world is reeling on the news that Dewey and LeBoeuf LLP, a top 20 law firm in the American Lawyers A list, is in serious financial trouble and has filed for Chapter 11 bankruptcy. The international company has offices across the US, Europe, Middle East and China and prestigious headquarters in New York on the Avenue of the Americas. The company's demise is likely to be the biggest collapse of a law company in US history.
The downturn in the economy, cashflow and management difficulties are being blamed for the law practice's troubles and the spotlight has now turned to other law firms as observers speculate on the stability of the multi million dollar industry.