Tuesday, May 15, 2012

US Government Agency Sues Global Law Firm

Dewey & LeBoeuf, the secretive, failing New York-based, global law firm, was sued Monday by the Pension Benefit Guaranty Corporation (PBGC) in an effort to take over pension plans covering the firm's 1,776 lawyers and staff. The PBGC, a U.S. government agency, claims in a complaint filed in Manhattan federal court that three Dewey pension plans are underfunded by at least $80 million. Click here for the story.

Once among the 20 largest law firms in the United States, with a global reach that was the envy of other international firms, Dewey is in terrible financial shape and is not expected to survive. The firm is hemorrhaging cash and most of the partners have defected to rival firms.