New York-based law firm Dewey & LeBoeuf LLP has filed for Chapter 11 bankruptcy protection, seeking a managed wind-down of its business. The company does not anticipate a return to business.
The filing was made late on Monday in the U.S. Bankruptcy Court for the Southern District of New York. The company expects a major portion of the process to be completed in the next few months.
Dewey & LeBoeuf was formed in 2007 through the merger of Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae.
The cash-strapped firm is also seeking the court's permission to continue to pay salaries and benefits to current employees. It plans to ask about 90 employees to remain to assist in the wind-down of the business.
A significant number of partners departed the firm as soon as its financial difficulties and debt issues came to light. The company said Monday it will continue to serve its law clients, mainly by its former law partners who have moved to other firms in recent months.
Dewey & LeBoeuf has retained Joff Mitchell of Zolfo Cooper LLC as chief restructuring officer and Albert Togut of Togut Segal & Segal LLP as bankruptcy counsel.
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