How to handle Dewey (or similar firms)

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sunynp
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Re: How to handle Dewey (or similar firms)

Postby sunynp » Thu Apr 12, 2012 12:59 pm

I'm willing to bet their isn't a single Dewey SA who doesn't drop out unless they find another biglaw job or something similar. No one is going to pass up that income and status and connections for some unpaid internship unless they have absolutely no option.

LawIdiot86
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Re: How to handle Dewey (or similar firms)

Postby LawIdiot86 » Thu Apr 12, 2012 1:10 pm

sunynp wrote:I'm willing to bet their isn't a single Dewey SA who doesn't drop out unless they find another biglaw job or something similar. No one is going to pass up that income and status and connections for some unpaid internship unless they have absolutely no option.


I don't know if Dewey permits splits or how rationale their HR department is, but it would be the kind thing for their HR dept to let people do splits with agencies as a warm backup.

Anonymous User
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Re: How to handle Dewey (or similar firms)

Postby Anonymous User » Thu Apr 12, 2012 1:27 pm

romothesavior wrote:
Anonymous User wrote:
Anonymous User wrote:
Anonymous User wrote:If you want to make the smart choice, it is imperative that you stop drinking the Dewey Kool-Aid and find another job now while you still have time.


How exactly do you expect Dewey SAs to do that?(seriously) Everything is dried up at this point unless you have a great connection. It's not a matter of kool aid, but a matter of literally no other options, IMO.



Wrong! Don't think this way. I've seen a number of positions posted in the last few weeks on my school's database for summer internships. Some of them are really interesting. They are not big law, but they will provide you with something to talk about during OCI. Think of it this way: your risk adverse classmates who are thinking ahead will take these positions and will also be doing OCI and you will be competing against them for positions. Do you want to screw yourself over before OCI even begins? You seem to be holding out hope that Dewey will survive the summer. At the very least find an RA position which you can do whether Dewey survives or not.

I'm sorry but this is kinda silly. It might be a good idea to apply to some other firms as hail mary passes, or maybe try to lock up an RA position or something as a potential backup if Dewey collapses before the summer. But if Dewey still exists come May, the SAs should do that over any RA or small time PI gig. Hell, even if the firm implodes two weeks into the summer, I'd rather putt "Dewey SA" on my resume for 3L OCI than be a judicial intern or work for some government agency or something.


Sigh. Dewey is CLEARLY unraveling before our eyes and it's happening in record time. No way they're going to make it past June once all the rainmakers have given their 60 day notice. But, yeah, I guess wait if you really want to and can't let go of the hope.

timbs4339
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Re: How to handle Dewey (or similar firms)

Postby timbs4339 » Thu Apr 12, 2012 1:46 pm

Unless you can find another firm gig, jumping ship right now would be foolish. People with SAs have a HUGE leg up at 3L OCI over people without SAs. Plus you are giving up about 30K.

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romothesavior
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Re: How to handle Dewey (or similar firms)

Postby romothesavior » Thu Apr 12, 2012 2:49 pm

Anonymous User wrote:Sigh. Dewey is CLEARLY unraveling before our eyes and it's happening in record time. No way they're going to make it past June once all the rainmakers have given their 60 day notice. But, yeah, I guess wait if you really want to and can't let go of the hope.

Nobody disagrees with the bolded. But to suggest that it is smarter to go work as an RA or for some shitty government job and be guaranteed to pull down zero income and zero chance of long term employment rather than go to an SA job at a biglaw firm (even knowing that odds are you won't get an offer) is just absolutely retarded. Silly was an understatement. You're being retarded.

Even if the firm closed up shop in June (quite the prognosticator you are), I would rather work for a month at Dewey and get paid and be able to put SA on my resume line than work a whole summer and get zilch for pay and not be able to put the SA line on my resume. It's not that people still have misguided hope or are drinking the Dewey Kool-Aid. It's that there is nothing better right now. Unless they can scrounge up a really solid job in the next month, all they can hope to do is go in, get a recommendation, make a little cash, and parlay that resume line into a job at 3L OCI.

Also, why so anon?

dooood
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Re: How to handle Dewey (or similar firms)

Postby dooood » Thu Apr 12, 2012 3:25 pm

romothesavior wrote:To suggest that it is smarter to go work as an RA or for some shitty government job and be guaranteed to pull down zero income and zero chance of long term employment rather than go to an SA job at a biglaw firm (even knowing that odds are you won't get an offer) is just absolutely retarded. Silly was an understatement. You're being retarded.

Morgan12Oak
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Re: How to handle Dewey (or similar firms)

Postby Morgan12Oak » Thu Apr 12, 2012 3:49 pm

This guys just another ttt idiot posting because hes bored and unemployed trying to fuel the flames of a firm who most likely rejected him. No one can be that stupid to give that advice and if he is than god save his anonymous soul. Don’t take him seriously.

rad lulz
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Re: How to handle Dewey (or similar firms)

Postby rad lulz » Thu Apr 12, 2012 4:01 pm

.
Last edited by rad lulz on Mon Apr 22, 2013 11:48 am, edited 1 time in total.

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NinerFan
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Re: How to handle Dewey (or similar firms)

Postby NinerFan » Thu Apr 12, 2012 5:47 pm

Let's say Dewey goes under in June. I don't think it's a guarantee that they're going to fail, they might still be able to pull it off. I think that they'll make it through the summer even if they do go under, but for the sake of the argument, I'll assume they go under in June.

Dewey SA has only worked there for a month and only got to work on a few things. Oh no!

A school is going to have, at most, a handful of SA's at Dewey. I'd be fairly confident that if this happened and I were a Dewey SA, I'd be able to go to my school and some professor would take be on as an RA for the rest of the summer. You don't need to find one ahead of time unless you only want to work for a particular professor. There will be a use for you somehow, if you go to a decent school.

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romothesavior
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Re: How to handle Dewey (or similar firms)

Postby romothesavior » Thu Apr 12, 2012 8:07 pm

rad lulz wrote:Also the notion that one ought to bring their Dewey offer letter to 3L OCI is laughable.

I think we're being trolled.


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Guchster
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Re: How to handle Dewey (or similar firms)

Postby Guchster » Mon Apr 16, 2012 2:05 pm

dooood wrote:http://www.thelawyer.com/dechert-snares-dewey-capital-markets-pair-as-losses-escalate/1012203.article

Shiiiiit



58 partners in 4 months. Dewey call it a day yet?

LawIdiot86
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Re: How to handle Dewey (or similar firms)

Postby LawIdiot86 » Mon Apr 16, 2012 2:25 pm

Guchster wrote:
dooood wrote:http://www.thelawyer.com/dechert-snares-dewey-capital-markets-pair-as-losses-escalate/1012203.article

Shiiiiit



58 partners in 4 months. Dewey call it a day yet?


41 to go. Apparently 225 is the magic number.

Anonymous User
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Re: How to handle Dewey (or similar firms)

Postby Anonymous User » Mon Apr 16, 2012 2:34 pm

LawIdiot86 wrote:
Guchster wrote:
dooood wrote:http://www.thelawyer.com/dechert-snares-dewey-capital-markets-pair-as-losses-escalate/1012203.article

Shiiiiit



58 partners in 4 months. Dewey call it a day yet?


41 to go. Apparently 225 is the magic number.


I thought they started at 300, which would mean 17 to go?? :shock: However, the 225 number has not come from a reliable source; just an anonymous comment on ATL.

Anonymous User
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Re: How to handle Dewey (or similar firms)

Postby Anonymous User » Mon Apr 16, 2012 2:57 pm

225 just means the lender accelerates the line of credit. This is largely a discretionary move based on DL's perceived inability to repay its current liabilities. IF the lenders choose to accelerate, DL needs to come up with cash fast, or else it defaults and it basically lights out. Since they've lost so many revenue sources and they will be seen as a credit risk at that point, an acceleration is pretty much game over.

Once they default, the faucet turns off on their cashflow from financing, and they start not making payroll, paying rent, keeping the lights on, etc. Then they go into wind down mode.

Again, though, its up to the banks. If DL can convince them to not accelerate and just renegotiate a new credit line, they might be able to survive, albeit in a likely reduced form.

Apparently, this contract with the 225 condition is being renegotiated right now anyway. It was supposed to be renewed in January but still hasn't been concluded. Perhaps DL and the banks are just waiting to see how many people are gonna bail before setting the terms for the "new" firm moving forward?

Anonymous User
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Re: How to handle Dewey (or similar firms)

Postby Anonymous User » Mon Apr 16, 2012 5:42 pm

The lack of communication from the firm with the SAs is really concerning. A lot has happened from the last time we've heard from them. I wish they'd keep us updated.

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Re: How to handle Dewey (or similar firms)

Postby Anonymous User » Mon Apr 16, 2012 5:49 pm

Anonymous User wrote:The lack of communication from the firm with the SAs is really concerning. A lot has happened from the last time we've heard from them. I wish they'd keep us updated.

What/when was their last communication to the SAs?

Anonymous User
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Re: How to handle Dewey (or similar firms)

Postby Anonymous User » Mon Apr 16, 2012 5:54 pm

Anonymous User wrote:The lack of communication from the firm with the SAs is really concerning. A lot has happened from the last time we've heard from them. I wish they'd keep us updated.


How many SAs are there? And how many of those do we suspect will have secured an alternative SA?

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NinerFan
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Re: How to handle Dewey (or similar firms)

Postby NinerFan » Mon Apr 16, 2012 6:03 pm

For those following the Dewey saga, this is a pretty fascinating read on Dewey's debt problems and post-merger issues.

http://www.thelawyer.com/dishing-the-de ... 81.article

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nygrrrl
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Re: How to handle Dewey (or similar firms)

Postby nygrrrl » Mon Apr 16, 2012 8:38 pm

Hello All.
Just a little reminder about use of the "ANON" feature.
Some of these posts are pushing at the boundaries of what is acceptable.
I'm sure this thread is being watched by Dewey SAs and if I think that people are intentionally
trying to mess with them, I will have no qualms about outing.
Thank you, and have a lovely evening.

dooood
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Re: How to handle Dewey (or similar firms)

Postby dooood » Mon Apr 16, 2012 9:06 pm

Anonymous User wrote:
Anonymous User wrote:The lack of communication from the firm with the SAs is really concerning. A lot has happened from the last time we've heard from them. I wish they'd keep us updated.

What/when was their last communication to the SAs?

Sorry this was me. Didn't mean for it to be anon. Also not trying to be a rabble rouser; I just want to keep updated on what the status is. One of my buddies is heading to Dewey this summer, and I also think the fate of Dewey could impact all of us.

Anonymous User
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Re: How to handle Dewey (or similar firms)

Postby Anonymous User » Tue Apr 17, 2012 10:52 am

Some scary article on ATL says the total departure count is now down to 30... meaning they are just 30 above 225.

http://abovethelaw.com/2012/04/dewey-kn ... the-taxes/

Any SAs want to reach out to the firm and say "OMGz!AhhHelp!"?

LawIdiot86
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Re: How to handle Dewey (or similar firms)

Postby LawIdiot86 » Tue Apr 17, 2012 11:01 am

Anonymous User wrote:Some scary article on ATL says the total departure count is now down to 30... meaning they are just 30 above 225.

http://abovethelaw.com/2012/04/dewey-kn ... the-taxes/

Any SAs want to reach out to the firm and say "OMGz!AhhHelp!"?


Their website currently lists 260 partners, 58 "local partners," 1 partner/chairman, and 1 partner/vice chairman. I assume the "local partners" don't count for these purposes, so that would put them 37 above the debt covenant threshold.

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sunynp
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Re: How to handle Dewey (or similar firms)

Postby sunynp » Tue Apr 17, 2012 11:05 am

You know it is possible for banks to waive these covenants, right? Banks do that all the time. I've even drafted a few waivers as an SA. It depends on the other financials and things that aren't publicly released.

LawIdiot86
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Re: How to handle Dewey (or similar firms)

Postby LawIdiot86 » Tue Apr 17, 2012 11:12 am

sunynp wrote:You know it is possible for banks to waive these covenants, right? Banks do that all the time. I've even drafted a few waivers as an SA. It depends on the other financials and things that aren't publicly released.


Yes, they waive them because they can be drawn so tightly that a firm is in breach almost from day one. Citi may waive here if it can extract better terms or thinks a dissolution would result in a greater loss. They may not waive here if they decide it is a foregone conclusion the firm is lost and Citi wants to ensure it gets some money back from the bakruptcy estate. I would be surprised though to see a waiver of more than a couple months in this case.




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