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  • May 31, 2012 |

    Bankruptcy judge releases cash for Dewey wind-down committee

    A day after refusing Dewey & LeBoeuf's request to use cash held by primary secured creditor JPMorgan Chase, US bankruptcy judge Martin Glenn has agreed to release those funds to the bankrupt firm's estate, reports The Am Law Daily. The Dewey estate estimates it will need to spend $8.6m (£5.5m) over the next three weeks to wind down the firm's operations. The judge said he would revisit the issue of what kind of lien JP Morgan Chase could place on the funds in the event that they are not repaid.

    1 minute read

  • May 29, 2012 |

    Dewey administration sees 96 London layoffs with core team of 12 kept on

    Dewey & LeBoeuf has made a total of 96 redundancies in its now-defunct London office, with a core team of 12 support staff members retained by the administrators to assist with the wind-down of the business. The firm's UK limited liability partnership (LLP), which also includes the Paris office, was officially placed into administration yesterday at approximately 2pm, with BDO business restructuring partners Mark Shaw and Shay Bannon appointed as joint administrators.

    1 minute read

  • May 29, 2012 |

    Bakers secures South Africa launch with hire of 31-strong Dewey team

    Baker & McKenzie has launched in South Africa with the hire of Dewey & LeBoeuf's 31-strong Johannesburg office, one of the disintegrating firm's last remaining international bases. The move, which comes as Dewey filed for bankruptcy last night (28 May), will gift Bakers a fully operational South Africa presence.

    1 minute read

  • May 29, 2012 |

    Dewey becomes world's largest legal failure as firm files for bankruptcy

    Dewey & LeBoeuf has filed for bankruptcy, with the firm's UK operations simultaneously placed into administration, confirming the world's largest ever legal failure, reports The Am Law Daily. The firm's demise was confirmed last night via a Chapter 11 filing submitted in federal bankruptcy court in Manhattan. The move ends weeks of speculation as to when and how Dewey - buried beneath hundreds of millions of dollars of debt and with virtually all of its partners scattered to other firms since the start of the year - would enter its final phase.

    1 minute read

  • May 28, 2012 |

    Holman Fenwick and Fulbright sign up trio of Dewey London partners

    Holman Fenwick Willan and Fulbright & Jaworski have become the latest firms to benefit from the collapse of Dewey & LeBoeuf's City arm, with the pair bringing in three partners between them. Holman Fenwick has picked up two partners, recruiting Dewey's City financial regulation chief Robert Finney and corporate finance and insurance partner James Lewis.

    1 minute read

  • May 25, 2012 |

    Three Dewey lenders sell off their debt as firm's bankruptcy looms

    Three of the major lenders to Dewey & LeBoeuf have sold their debt ahead the ailing US giant's expected bankruptcy. A source familiar with the matter told the Am Law Daily that three of the four banks that extended Dewey a $100m (£63.7m) line of credit - Citi Private Bank, Bank of America and HSBC - have sold their portions of the debt.

    1 minute read

  • May 24, 2012 |

    UK trio join legal line-up as Thai company trumps Shell with £1.2bn Cove bid

    Slaughter and May, Linklaters and Simmons & Simmons have become the latest firms to win roles on the billion-pound bidding battle for Cove Energy. Slaughters is advising Thailand's PTT Exploration and Production (PTTEP), which has topped an earlier bid from Royal Dutch Shell with a new £1.2bn offer. Cove's directors have unanimously recommended that its shareholders accept the latest bid.

    1 minute read

  • May 23, 2012 |

    Irish trio act alongside Wall St elite on US company's $11bn Ireland tax move

    A trio of top Irish law firms have taken roles on an $11.8bn (£7.5bn) deal which has seen US power management company Eaton move its headquarters to Ireland, saving the the US business millions of dollars in taxes a year. The multibillion-dollar acquisition of Irish electrical equipment supplier Cooper Industries will create a global electricity company incorporated in the Emerald Isle, with the combined business called Eaton Global.

    1 minute read

  • May 22, 2012 |

    Dewey London partners to vote on administration; US nears bankruptcy

    Dewey & LeBoeuf's London arm could file for administration as early as tomorrow (23 May) as partners prepare to vote on winding down operations in a meeting expected to take place at 10am. The news comes as the stricken firm has brought in global restructuring firm Zolfo Cooper in the US, where it is moving closer to filing for bankruptcy.

    1 minute read

  • May 21, 2012 |

    Dewey restructuring duo join Proskauer as two more City partners find homes

    Dewey & LeBoeuf's London arm has seen a further four partner departures, including restructuring duo Mark Fennessy and Hazel Miller who are set to join their New York counterparts at US rival Proskauer Rose. Fennessy and Miller's forthcoming departures come just days after New York bankruptcy chief Martin Bienenstock announced his departure for Proskauer alongside a six-partner team.

    1 minute read