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Dewey & LeBoeuf have taken part in what has been labelled the biggest law firm collapse in the history of the US, by filing for bankruptcy after a mass partner exodus.
Dewey & LeBoeuf said in a statement late on Monday, "Unlike most other Chapter 11 cases, this filing does not anticipate a return to business but rather a managed wind-down of affairs, followed by liquidation."
Dewey & LeBoeuf were amongst the largest law firms in NYC and were the largest US firm in London, employing more than 1,100 lawyers across 26 world wide offices.
It was reported in the New York Times that the firm's roots go back more than a century, and that it emerged in its present form after the 2007 merger of Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae.
It is believed the bankruptcy has come after a turbulent period of disappointing profits and heavy losses forced the firm to slash partner salaries. Even after being hit hard by the 2008 financial crisis, Dewey & LeBoeuf continued to offer generous, multimillion-dollar guarantees to top partners and promising recruits, commitments it could not meet.
Clients of the firm included computer giant Dell and software-maker Oracle, as well as Japanese electronics-maker Panasonic and Russian bank Sberbank.
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