May 13, 2012 - WSJ - NYT - The old and huge New York law firm of Dewey and LeBoeuf seems to be calling it quits because of over-powering debts. Partners in droves have packed up and left. Partners were required to put money into the firm when they joined - and that investment is gone. Even worse, pensions may be wiped out or severely reduced and money paid to them in the past might be reclaimed. The firm with 100-year roots had 2,000 world-wide employees.
Former Vice-chairman of Dewey, Morton A. Pierce, is indicative of the hurt that will be suffered: his contract calls for $8 million annually and he says the company owes him $61 million. His "Boeuf" (beef) is he may never be paid what he is owed.
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