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.