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Dewey & LeBoeuf has lost a further two partners, with New York corporate duo John Altorelli and Alexander Fraser leaving to join DLA Piper.
The departures bring the number of partner exits from the US firm to 41 this year, with the firm taking emergency measures last month that saw it reshuffle its senior management (28 March 2012).
Altorelli and Fraser are bringing counsel Patrick Costello and Gerald Francese with them. All four lawyers join DLA Piper as partners.
DLA Piper corporate and finance global chair Roger Meltzer said in a statement: “Their collective experience and market relationships will enhance our ability to serve the world’s industry leaders in their transactions. They’ll also create valuable synergies with our banking, finance, insurance, private equity and fund formation practices as we work with clients in the most important financial centres and emerging markets.”
The latest exits follow Dewey antitrust partner Eamon O’Kelly’s move to Arent Fox this week and the departure of the firm’s Houston chief Sean Gorman to join litigation boutique Ahmad Zavitsanos Anaipakos Alavi & Mensing (27 March 2012).
Six partners quit the firm for Sutherland Asbill & Brennan in New York last month (26 March 2012), following the departure of a 12-partner transactional and regulatory team to Willkie Farr & Gallagher (19 March 2012).
Earlier this week The Lawyer revealed that Dewey had started renegotiating its guarantees with star partners who joined before 2011 on fixed deals. The five members of the office of the chairman are understood to have had their profit shares capped at $2.5m (£1.6m) per year, with at least some of the rest of their guaranteed remuneration set to be paid out in 2014. Dewey denied that these agreements exist (2 April 2012).