Dewey London to shut down this Friday
Dewey & LeBoeuf’s London operation is set to go close this Friday as the firm’s UK LLP edges closer to administration.
Accountancy firm BDO, which is advising Dewey London partners on the wind-down of the UK LLP, is set to announce the appointment of its practitioners as administrators on the same day, The Lawyer understands. Remaining staff will also leave at the end of this week.
City restructuring partner Mark Fennessy, who is overseeing the wind-down, has called a meeting for roughly 20 to 30 remaining and former partners in London tomorrow at which the latest situation will be discussed.
The summit is only open to partners who have resigned if they did so within the last 30 days. It is also expected to involve current and former Paris partners, as the UK LLP covers the two offices on both sides of the Channel.
Present partners and those who quit in the last 30 days are eligible to vote for the UK LLP to go into administration, but it is not confirmed whether such a vote will take place formally at tomorrow’s meeting.
Sources close to Dewey said the firm was planning on closing the US and UK operation on the same day, meaning the firm would also file for bankruptcy in the US on Friday.
A source said: “BDO are already in there [in the London office]. The remaining staff have been told that this is their last week and are packing up. The meeting tomorrow is presumably to tell the LLP partners what will happen and discuss various issues.”
CMS Cameron McKenna banking and restructuring partner Rita Lowe is advising the LLP and the partners (16 May 2012), while BDO practitioners have been advising partners since early in the month and have been tipped as likely administrators (7 May 2012).
The formal filing was put back after talks with advisers, lenders and bondholders, with the delay aimed at giving staff time to find jobs elsewhere.
Dewey was not available for comment. BDO declined to comment.
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Readers' comments (14)
Anonymous | 22-May-2012 6:06 pm
"The remaining staff have been told that this is their last week and are packing up."
Nonsense. The staff have actually been told NOTHING.
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Interested Observer | 23-May-2012 9:51 am
Can they just pack up like that? I thought the SRA insisted on run off cover and an orderly wind down so that clients don't lose out.
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Anonymous | 23-May-2012 10:32 am
As a member of staff in London, I have been told nothing of the sort.....as with every stage of this awful situation we have found out what is going on through the press........which is dispicable. The lawyers ran and the support staff are left without jobs.
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Anonymous | 23-May-2012 11:56 am
This is such a terrible situation. Where are the trainees going to finish their training contracts??? It's tough enough with so few NQ jobs
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Anonymous | 23-May-2012 12:01 pm
Current staff member here - we have not been given any indication as to when our last day at the firm will be. The only firm information we have been given throughout this whole situation has been through the press.
There are under 100 (mostly support) staff left at the London office, most of which do not have a job to go to (not through lack of trying), some of which are pregnant, and others who do not have a penny to their name. I hope the partners responsible for this situation, both in the US and London, can sleep well at night.
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Anonymous | 23-May-2012 12:44 pm
This time last year, I almost took a job with the firm only to be told at the last minute by the partnership that I wasn't quite what they were looking for. A year later, I am taking this as far more of a compliment than I did at the time as it clearly means that I am not an incompetent commercial lawyer with no loyalty to the firm for whom I am employed...
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Anonymous | 23-May-2012 12:56 pm
The whole situation is a disgrace, the partners responsible should feel ashamed of themselves. Total lack of morals and can't see any evidence that any senior management care one jot about any of the support staff, trainees etc.
Good luck to all the Dewey people, especially the trainees - hope you find a new home asap, no thanks to the SRA.
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Anonymous | 23-May-2012 2:28 pm
Perhaps those lawyers who are fortunate enough to secure new employment should have a whip round for the staff left behind - 20% of each lawyer's first pay cheque should keep the support staff & trainees afloat a while.
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Anonymous | 23-May-2012 7:49 pm
Awful situation. Great sympathy for those poor people caught up in this.
Lots of firms have disappeared (mainly by merger, but some winding up). I hope the Lawyer tackles this when they publish firm's positions.
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Anonymous | 23-May-2012 11:13 pm
Remaining staff have NOT been told that this will be the final week for the London office. Remaining staff have been told NOTHING as regards when the end will be.
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