How to handle Dewey (or similar firms) Forum

[Anonymous User]

tls folk - any thoughts on how junior (1st or 2nd year associates) should handle this situation? too junior to find many lateral opportunities, too senior to take advantage of law school career services offices...some haven't been working at d&l for even a year yet, and hardly have any real experience to put on the resume.

how would you guys advise getting out there and finding places to land?

Have you reached out to headhunters yet? I mean I don't know what else to say, you're too junior to have many lateral opportunities, but of course that's what you need to find. You know it would be easier if you were a 3-5th year, but you have to basically do the same things you would if you were.

[Anonymous User]

There is a surprising number of places looking for first years.

Name said places

[sunynp]

Davis is out. Confirmation that the merger talks with Greenberg are terminated.

Dewey LeBoeuf LLP, the New York law firm struggling to survive after more than 70 lawyers left in recent weeks, has ended talks with a potential merger partner, Greenberg Traurig LLP, according to two people familiar with the matter.
The firm told members of the end of negotiations in an internal memorandum that also announced that Steven Davis, its former chairman, has been terminated as a member of the five- person chairman’s office and the executive committee.
The firm plans to continue merger talks with other firms as it faces a deadline tomorrow with banks over whether to extend a $100 million line of credit, according to the memo, which was obtained by Bloomberg News.
The New York-based firm is said to be under investigation by the New York District Attorney related to payments to partners.

http://www.bloomberg.com/news/2012-04-2 ... -firm.html

[MrAnon]

Does anyone believe that merger talks were ever serious? Why on earth would some other firm want to get involved with this mess.

[randomdandom]

Does anyone believe that merger talks were ever serious? Why on earth would some other firm want to get involved with this mess.

Totally agree. A firms assets are its people. Why on earth would another firm take on even 1$ in debt when they can just take the assets. What makes it even less likely is that (1) Dewey would have to be the first name in the merged frim (e.g. Dewey & Greenberg) and (2) the potential acquirors get access to Dewey's books - including how much revenue each partner brings in. With such information, a potential acquiror is in an excellent position to poach talent.

Merger/Acquisition not happening imho.

[Anonymous User]

There is a surprising number of places looking for first years.

Name said places

If you happen to know that a surprising number of places are looking for first years, some firm names would be greatly appreciated.

[LawIdiot86]

Current partner count is 246. I guess those last five or so didn't care about the 60 day window.

[Anonymous User]

Current partner count is 246. I guess those last five or so didn't care about the 60 day window.

out of curiosity, where do you get that number from? If from the firms website, did you manually count them?

I am interested if a few partners in particular are still there - I guess I can look them up by name on the site in any event.

[LawIdiot86]

Current partner count is 246. I guess those last five or so didn't care about the 60 day window.

out of curiosity, where do you get that number from? If from the firms website, did you manually count them?

I am interested if a few partners in particular are still there - I guess I can look them up by name on the site in any event.

From the firm's website. There are 10 entries per page of the bio section, so I just click the last page (currently 25) and count how many are there (4), and then add in anyone special not listed (2 Vice Chairman). 24 pages of 10, plus 4 on the 25th page and 2 vice-chairman is 246. I stopped counting the Chairman in this count because the firm announced he had been removed during the DA investigation.

[NinerFan]

Does anyone believe that merger talks were ever serious? Why on earth would some other firm want to get involved with this mess.

I think there was some spec somewhere that Greenberg did this just to peek at their financials. I guess they might use that info to poach?

[w2e]

Does anyone believe that merger talks were ever serious? Why on earth would some other firm want to get involved with this mess.

Greenberg never mentioned a merger. Just referred to acquiring lawyers. The media ran with the merger idea.

[Anonymous User]

Current partner count is 246. I guess those last five or so didn't care about the 60 day window.

out of curiosity, where do you get that number from? If from the firms website, did you manually count them?

I am interested if a few partners in particular are still there - I guess I can look them up by name on the site in any event.

From the firm's website. There are 10 entries per page of the bio section, so I just click the last page (currently 25) and count how many are there (4), and then add in anyone special not listed (2 Vice Chairman). 24 pages of 10, plus 4 on the 25th page and 2 vice-chairman is 246. I stopped counting the Chairman in this count because the firm announced he had been removed during the DA investigation.

That's as good a method as any. You might want to subtract one more from that total - I happen to know about one partner who is listed twice because of his/her last name. Kinda like John Doe LeBoeuf and John Doe Le Boeuf.

[Anonymous User]

Current partner count is 246. I guess those last five or so didn't care about the 60 day window.

out of curiosity, where do you get that number from? If from the firms website, did you manually count them?

I am interested if a few partners in particular are still there - I guess I can look them up by name on the site in any event.

From the firm's website. There are 10 entries per page of the bio section, so I just click the last page (currently 25) and count how many are there (4), and then add in anyone special not listed (2 Vice Chairman). 24 pages of 10, plus 4 on the 25th page and 2 vice-chairman is 246. I stopped counting the Chairman in this count because the firm announced he had been removed during the DA investigation.

That's as good a method as any. You might want to subtract one more from that total - I happen to know about one partner who is listed twice because of his/her last name. Kinda like John Doe LeBoeuf and John Doe Le Boeuf.

There is more than one partner that is listed twice in the directory, or at least there was a week ago.

[sunynp]

Rueters mentions a possible loan extension and also a email from Davis to the partners. No one is printing complete copies of these memos, but perhaps ATL will get them.

3:55 p.m. CDT, April 29, 2012
NEW YORK (Reuters) -
....

A person close to the firm told Reuters before news of Davis's ouster, that Dewey was close to securing a 90- to 120-day extension of roughly $75 million in loan debt due on Monday, providing a temporary reprieve on a default that could trigger a bankruptcy.

In the internal memo, Dewey's management said the decision to remove Davis from his leadership position was unrelated to the end of talks with Greenberg Traurig. It also said the move should not be read as a judgment on the merits of the district attorney's probe.

"The executive committee felt it was in the best interests of the firm to take this action," the memo said.

Davis had previously been the firm's chairman, but became part of a five-member "office of the chairman" in March, after Dewey overhauled its leadership structure. Davis has now effectively been removed from all leadership positions.

In an e-mail to partners Sunday obtained by Reuters, Davis said he was "saddened" by the committee's decision, and said he had done his best to "navigate the firm through challenging and turbulent times."

"My decisions as chairman were made in good faith and in the firm's best interests," Davis said. "I trust as this process continues, a dispassionate and disinterested review of the facts will confirm that I have not engaged in any misconduct."

......
And Greenberg never considered a merger, though no one had speculated that they would take the whole firm:

"Dewey is a firm we hold in high regard with many fine lawyers, though we never considered a merger," Greenberg Traurig CEO Richard Rosenbaum said in the statement.

I agree with whoever above said that the media is running their own imagination and without much information on this story. I am not going to post any more stories about Dewey until something definite is announced. If anyone else finds good stuff, please post it.

[Anonymous User]

Current partner count is 246. I guess those last five or so didn't care about the 60 day window.

out of curiosity, where do you get that number from? If from the firms website, did you manually count them?

I am interested if a few partners in particular are still there - I guess I can look them up by name on the site in any event.

From the firm's website. There are 10 entries per page of the bio section, so I just click the last page (currently 25) and count how many are there (4), and then add in anyone special not listed (2 Vice Chairman). 24 pages of 10, plus 4 on the 25th page and 2 vice-chairman is 246. I stopped counting the Chairman in this count because the firm announced he had been removed during the DA investigation.

25th page now has 3. Gets smaller practically by the minute.

[sunynp]

So are we looking at close to 80 partners gone now? I think saw that number in the times.

[Anonymous User]

Two days after canceling the summer. You've got to be kidding me....

Dewey is close to securing a long-term extension on a Monday deadline on $75 million owed under a credit line to lenders led by JPMorgan Chase & Co, according to a person familiar with the matter. The extension, likely in the 90- to 120-day range, would stave off a default that could trigger a bankruptcy, said the person, who declined to be named because talks are private.

[Sup Kid]

Two days after canceling the summer. You've got to be kidding me....

Dewey is close to securing a long-term extension on a Monday deadline on $75 million owed under a credit line to lenders led by JPMorgan Chase & Co, according to a person familiar with the matter. The extension, likely in the 90- to 120-day range, would stave off a default that could trigger a bankruptcy, said the person, who declined to be named because talks are private.

The cost of putting on a summer program is at least $1 million, and probably significantly more, and there is no benefit derived from it other than getting employees for the future. Since the future is still bleak, and they are trying to stave off bankruptcy and liquidation, they don't have the money or the need to have a summer program. While obviously its a huge loss for the 30 or so law students affected, there really is no justification for the firm keep it at this point, even if they are still in business for the next 3+ months.

[Anonymous User]

Two days after canceling the summer. You've got to be kidding me....

Dewey is close to securing a long-term extension on a Monday deadline on $75 million owed under a credit line to lenders led by JPMorgan Chase & Co, according to a person familiar with the matter. The extension, likely in the 90- to 120-day range, would stave off a default that could trigger a bankruptcy, said the person, who declined to be named because talks are private.

The cost of putting on a summer program is at least $1 million, and probably significantly more, and there is no benefit derived from it other than getting employees for the future. Since the future is still bleak, and they are trying to stave off bankruptcy and liquidation, they don't have the money or the need to have a summer program. While obviously its a huge loss for the 30 or so law students affected, there really is no justification for the firm keep it at this point, even if they are still in business for the next 3+ months.

There are ways, mentioned earlier in this thread, that former SAs might have benefited had the firm not gained an extension.

[Anonymous User]

Two days after canceling the summer. You've got to be kidding me....

Dewey is close to securing a long-term extension on a Monday deadline on $75 million owed under a credit line to lenders led by JPMorgan Chase & Co, according to a person familiar with the matter. The extension, likely in the 90- to 120-day range, would stave off a default that could trigger a bankruptcy, said the person, who declined to be named because talks are private.

The cost of putting on a summer program is at least $1 million, and probably significantly more, and there is no benefit derived from it other than getting employees for the future. Since the future is still bleak, and they are trying to stave off bankruptcy and liquidation, they don't have the money or the need to have a summer program. While obviously its a huge loss for the 30 or so law students affected, there really is no justification for the firm keep it at this point, even if they are still in business for the next 3+ months.

There are ways, mentioned earlier in this thread, that former SAs might have benefited had the firm not gained an extension.

Yes, i think this is worse for summer associates. That means that instead of being forced to find positions at other firms, more partners will be able to stick around which means that there will be less opportunity for the SAs to move along with a partner/group, (I guess that it does leave the possibility that the summer program may be reinstated, but I think that would be extremely unlikely).

[Anonymous User]

If Dewey does stave off bankruptcy, who in their right mind would join future summer programs? It seems like any future recruiting efforts will be dead before they leave the stable. The firm should just pull the plug on things and quit acting like there's going to be a tomorrow.

[timbs4339]

If Dewey does stave off bankruptcy, who in their right mind would join future summer programs? It seems like any future recruiting efforts will be dead before they leave the stable. The firm should just pull the plug on things and quit acting like there's going to be a tomorrow.

I have no doubt Dewey could find a full class to join their summer program next year if they managed to stave off bankruptcy which at this point looks unlikely. They could probably fill their class with T14 students if they wanted, maybe not people who had any other offers, but there are enough T14 students striking out still. If you have a choice between a potential 3K/week biglaw gig and the alternative of volunteer work with a small school stipend, you pick the biglaw gig and hope it works out.

[Anonymous User]

If Dewey does stave off bankruptcy, who in their right mind would join future summer programs? It seems like any future recruiting efforts will be dead before they leave the stable. The firm should just pull the plug on things and quit acting like there's going to be a tomorrow.

I have no doubt Dewey could find a full class to join their summer program next year if they managed to stave off bankruptcy which at this point looks unlikely. They could probably fill their class with T14 students if they wanted, maybe not people who had any other offers, but there are enough T14 students striking out still. If you have a choice between a potential 3K/week biglaw gig and the alternative of volunteer work with a small school stipend, you pick the biglaw gig and hope it works out.

So essentially relying on people who have, quite literally, zero other options? Doesn't sound like something that work out in the long run. It just seems like everybody who joins that firm or stays with it at this point will be spending a lot of time trying to scramble for other options. I know that if I left OCI with only Dewey, I would have spent all of 2L hustling for something else.

[NinerFan]

If Dewey does stave off bankruptcy, who in their right mind would join future summer programs? It seems like any future recruiting efforts will be dead before they leave the stable. The firm should just pull the plug on things and quit acting like there's going to be a tomorrow.

I have no doubt Dewey could find a full class to join their summer program next year if they managed to stave off bankruptcy which at this point looks unlikely. They could probably fill their class with T14 students if they wanted, maybe not people who had any other offers, but there are enough T14 students striking out still. If you have a choice between a potential 3K/week biglaw gig and the alternative of volunteer work with a small school stipend, you pick the biglaw gig and hope it works out.

So essentially relying on people who have, quite literally, zero other options? Doesn't sound like something that work out in the long run. It just seems like everybody who joins that firm or stays with it at this point will be spending a lot of time trying to scramble for other options. I know that if I left OCI with only Dewey, I would have spent all of 2L hustling for something else.

If they survive, what you describe will be only temporary. Remember what Latham did? Look at them now. Remember Morgan Lewis no offering like 70%+ of their class? They're doing okay.

[timbs4339]

If Dewey does stave off bankruptcy, who in their right mind would join future summer programs? It seems like any future recruiting efforts will be dead before they leave the stable. The firm should just pull the plug on things and quit acting like there's going to be a tomorrow.

I have no doubt Dewey could find a full class to join their summer program next year if they managed to stave off bankruptcy which at this point looks unlikely. They could probably fill their class with T14 students if they wanted, maybe not people who had any other offers, but there are enough T14 students striking out still. If you have a choice between a potential 3K/week biglaw gig and the alternative of volunteer work with a small school stipend, you pick the biglaw gig and hope it works out.

So essentially relying on people who have, quite literally, zero other options? Doesn't sound like something that work out in the long run. It just seems like everybody who joins that firm or stays with it at this point will be spending a lot of time trying to scramble for other options. I know that if I left OCI with only Dewey, I would have spent all of 2L hustling for something else.

Of course. But that doesn't mean you wouldn't take the job. There were other firms at OCI this year who were thought to be riskier than Dewey and they undoubtedly filled their summer classes. And in terms of quality of work product, law students are pretty fungible until they start getting up into the midlevels.