The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Earlier this summer former Dewey & LeBoeuf IP partner Henry Bunsow brought a law suit against the defunct firm’s senior management alleging they had run a Ponzi scheme, securing capital contributions from new joiners that they knew they could not repay.
Now, another former partner - energy specialist Steven Otillar - is making allegations against one of Dewey’s biggest lenders, Citibank, claiming that it conspired with the collapsed firm to devise a capital loan programme designed to attract lateral hires (see story).
Otillar’s countercharge, filed in New York last month, claims that Citibank devised a scheme “intended to lure unsuspecting lateral hires to join the failing firm as equity partners, who would then be responsible for making significant capital contributions to [Dewey] when its revenue was insufficient to pay its obligations […].”
Essentially, Otillar is saying that Citibank was owed a lot of money by Dewey and was looking to cover its losses by enticing new partners to join the firm and then take loans with the bank.
Dirty stuff, if true. In fact, the mud slung at Halliwells’ management following the firm’s demise pales in comparison. You can always trust the Americans to do things bigger and better.