Largest Law Firm Bankruptcy in the U.S. History

Discussion in 'The Intelligence Cell' started by redshift, May 29, 2012.

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  1. Watch out for all those unemployed lawyers! Bad time to get laid-off in an already overcrowded lawyering market. And these guys were the apparent "specialists" in restructuring/ turn-arounds. Too much greed - merged and expanded way too fast in the '07 glory days of cheap cash, hedge fund style risk culture. The lawyers basically wanted to be hot shot bankers, fund managers.


    Dewey & LeBoeuf Files for Bankruptcy, Fails to Save Firm - Bloomberg

    Too Big to Work: Dewey & LeBoeuf Bankruptcy Sets Records - Business - The Atlantic Wire
  2. I reckon that they've all made enough personal wealth to ride the comfort.
  3. Wordsmith

    Wordsmith LE Book Reviewer

    At least it'll provide employment for other lawyers - everyone will be hiring someone to represent them.

    Now that's what I call a circular argument...

    • Like Like x 1
  4. You're in the wrong line of business...or are you?
  5. If you're one of the older employees - probably. One of the relatively new kids on the block? Will be painful, since law school is not cheap and student loan payments are not small, especially now that the job market for lawyers is getting quite overcrowded in the U.S., driving down starting salaries.
  6. Well, the really second-rate ones can be politicians. All ours are.
    • Like Like x 6
  7. Back in 2008/9, when all the investment companies and banks were shedding their con-artists and finance firms were going under like pounds of lead-shot, there were masses of articles in the right-wing rags about all those "poor" folks having to reap what their bosses sowed. There were accompanying piccies of said con-artists, male and female, squatting on the edge of the pavement with their pathetic little kodbod boxes and crying their eyes out. Everybody was supposed to feel sorry for them. Conversely, I've yet to see such comprehensive coverage of the "tragedy" when, say, Ford or Chrysler give 20,000 or 30,000 workers the elbow in one fell swoop. That's only worth an inch or two on the back page somewhere in the corner.

  8. walkyrie

    walkyrie Old-Salt Book Reviewer

    I know several firms of accountants and lawyers that bulked up their Insolvency/Restructuring arms in 08/09 in preparation for the coming storm. The recession didn't pan out as they'd all have liked, and they've spent the past 18 months making redundancies and re-restructuring themselves back.

    The irony is delicious. Best served on toast points, with just a hint of tartar sauce.
    • Like Like x 1
  9. Yep. Same here - specializing in bankruptcy law was one of the hottest tickets in the legal market. According to my lawyer friend back home, they were being offered ridiculous sums (even by U.S. lawyer salary standards) of money to jump ship.
  10. Note the way he is looking and holding the box.........evidence of a new political career starting to formulate even as the revolving doors swish. The coke dealer looks like he's looking forward to a good day, though !

    Attached Files:

  11. Obama?
  12. Wordsmith

    Wordsmith LE Book Reviewer

    The fcukwittery was on different time scales and for different reasons.

    The stupidity by the financial firms was over a relatively short time scale (5 - 10 years) and ended in a feeding frenzy of investing in ever more risky products. The resulting financial crash affected us all due to the global slowdown it caused - so we were all very aware of it.

    The Ford/Chrysler situation has deeper and more complex roots. It was spread over 20 - 30 years and was a tale of successive managements failing to maintain competitiveness, invest enough or face up to the implications of lower labour cost foreign competition. The big car firms suffered from the death of a thousand cuts, brought to a head by the Lehman crunch. Having intransigent unions didn't help either. But, although it was a tragedy for the 20,000 or 30,000 workers who lost their jobs (and probably another 100,000 in the supply chain), the problems at Ford/Chrysler didn't have the same direct impact on us as the Lehman crash did - so we noticed it less.

    The news media tend to go for the most newsworthy stores - and sometimes shy away from those with complex roots.

  13. 65% of the graduates of the well-ranked law school at the uni where I teach are unemployed upon graduation.
  14. Wordsmith

    Wordsmith LE Book Reviewer

    I seem to remember a media storm in the US not so long back when it turned out some of the law schools were using some creative statistics to inflate the possibility of getting a job after gradating from some law schools. Turned out the actual employment rates were a low lower than were being claimed.

  15. The graduates I keep up with tell me the same thing.