The New Yorker is running an excellent in-depth piece on the Dewey & LeBoeuf meltdown called "The Collapse."
If it were 2010, I would say "Dewey & LeBoeuf is a massive Biglaw firm out of New York with thousands of lawyers and offices all over the world. It recently formed out of the merger of Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae. It represents Disney, JPMorgan Chase, AIG, BP, and many of the largest, richest, and most powerful companies on Earth. It has weathered the global economic crisis with enviable tenacity, and is changing the definition of what it means to be a law firm."
However, it is March 2014, and so I will actually say: Dewey & LeBoeuf is the poster boy for what happens when, as its managing partner Steven Davis said at a partner meeting, "it is only money that holds a firm and its partners together." The firm over-promised and over-extended its finances attempting to satiate its greedy, short-sighted partners, most of whom jumped ship after driving the firm into financial ruin and now practice for lots of money elsewhere. The firm died by suicide and is now navigating insolvency, bankruptcy, and liquidation.
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