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It's simply over for Dewey LeBoeuf


It's the Crime, Stupid.
No Pre-Pack Gonna Save That!

 

After months of ad hominem attacks against the internet, Steven Davis - "Dear Leader" of the agglomeration known as Dewey LeBoeuf, needs to wake up and smell the coffee.

BankruptcyMisconduct was first with public questions of the Viability of Dewey LeBoeuf, and until today was the sole public voice alleging that criminal conduct is involved. Our contributors have risked mean spirited retribution, death threats, and retaliation by the self serving hypocrisy of a so-called "legal system" that is systemically corrupt to bring you the knowledge and insight you crave. Down with pussy cat journalism, long live the internet!

New Vote: As explained below on this page, we think that culpability for the financial shenanigans is shared by a number of partners. Which begs the question of whether Davis will get a deal.





Et tu, Particeps?

Just as the growing departures of equity partners from the firm, including the voluntarily forfeiture of possible contributions and compensation, was the strongest validation possible of our claims of Intra Firm Risk, we now find a more powerful confirmation. A "group" of partners from the firm evaluated their own Uhland Decision and decided to inform against their senior partner, Steven Davis. Our long running analysis on the ethical, legal, and financial issues as to the viability of the firm specifically detailed that each member of the firm faced differing decision incentives as to deciding upon informing about misconduct in the firm. To those who so quickly, and even rudely, dismissed our logic we can only say: we told you so. Having said that, we must confess or own surprise at the depth of the parallels between Davis and Julius Caesar.

More on the topic of criminal conduct below. But lets just consider the supposed pre-packaged bankruptcy idea for moment:

Pre-Pack? Your Ass!

There is simply no way that a 1,000 lawyer firm is going to get a pre-packaged bankruptcy plan put into place, debts erased, and the staff of partners, associates, and staff acquired by another law firm. NahGonnaHappen.

Sure, there may be valuable lawyers remaining within the ranks of Dewey, but let's be real. Self selection has eroded many, if not most, of the prized rainmakers, group, and office leaders. The 800 or so associated lawyers represent just a fraction of the oversupply in the legal industry today. Sucks to be in the wrong place at the right time, but supply and demand is what it is. No competing law firm wants this package, particularly at salaries that have ballooned with market bubbles, and an irrational outrecuidance which could make the NAR blush.

Even assuming, al arguendo, that some sort of white night would take some of chunk of Dewey LeBoeuf lawyers - they would only pick and choose exactly the persons they know from the personal experiences of working with them, and after review of reliable documentation showing their fee generation. Now that the actual financial crunch and liquidity crisis at the firm has proven to be even more dire and immediate than the harshest 3rd party analysis had predicted, we can see that all the talk about a pre-packaged plan serves only two purposes:

  1. Bright theoreticians are able to stave off the uncomfortable cognitive dissonance they will be forced to face as they reconcile the reality of horrendous career management decisions with inflated self assessments.

  2. Savvy realists will simply use the extra time in pursuit of their own best interests.

To be sure, there were some heroes on the Titanic. But business is just business and the field of law in America today is not to be beautified.


BankruptcyMisconduct has shown that each of the three legs supporting the Dewey LeBoeuf stool are failed or failing. Clients won't materialize, their decline started many quarters ago. Partners have spoken in the clearest actions possible, even after forfeiture of equity hold backs were implemented. Unsurprisingly, it seems that the Banks will be the first to pull the plug. Even the "public mind" of readers of this site have been clearly pointing to the approaching demise of Dewey LeBoeuf.

In the midst of the belated revenue corrections and continuing defections, another wave of unpleasantness is looming on the horizon to crash on certain lawyers associated with Dewey LeBoeuf. Many of you have downloaded a free copy of the $3 Billion dollar lawsuit against Dewey LeBoeuf stemming from General American Mutual. Just Imagine that a figurative fire is lit somewhere under somebody's derriere in the State Of Missouri which compels action against the lawyers witnessing the alleged acts who failed Missouri Bar's Rule 4-8.3. What would Dick Cheney call it?

Enlarge the problem. Very "outside the box", indeed. We have an opportunity to make a stand against attorney misconduct and conflict of interest abuse of the worst kind. We are each empowered to instigate ethical, and perhaps criminal, adjudication of the allegations that can help heal the Nation in the aftermath of massive financial malfeasance, long after the last Dewey & LeBoeuf plaque has been sent for recycling.


What, More Crime?

Many have been misled by the cover-up which attempts to hide the General American Mutual misconduct. The "resolution" has a timing just too coincidental with the $155 Million dollar "Accounting Something". We can't state for certain how far beyond Davis, and his executive committee, that the ring of deceit will ultimately encircle lawyers at Dewey LeBoeuf. We believe that numerous attempts at dressing up this pig of egregious client abuse forms the core of the recent nonsensical public flip flopping by the firm's management.

So, assuming al arguendo, that Davis lied about finances - why would he? Let's be real, there is no way that one guy is the only one who knows what's going on at a 1,000 member firm. There has got to be more going on than missed profit projections.

We believe that the General American Mutual conduct was fundamentally and seriously criminal. We also believe that there has been a lot of cover-up as to those crimes, going so far as an attempt to pay hush money to John M. Huff, with perhaps even a wink and a nod to keep ethical complaints out of the equation. So much for mandatory obligations of the self regulating "profession". Last but not least, we believe that a number of other lawyers who were at Dewey LeBoeuf share in culpability.

But the real question is going to be how narrowly the Manhattan DA pursues this peeling onion of a law firm. It sure must be difficult to prosecute one's relations. Much has been written about the brotherhood. Will the DA resist the comfort of tacit approval or will he abuse his office whilst wearing blinders.

In the world of today with so much corruption, let's rejoice for the moment in the brave actions of the informing partners, and the DA's apparent willingness to open an investigation. Perhaps there is hope for the legal profession. Honestly, we'd love to spend our personal time doing other things than this website.