Dewey’s Bankruptcy Lawyer: More Large Law Firms Will Fail
May 23 (Bloomberg Law) — While failed law firms make for notoriously difficult bankrupty cases, Dewey & LeBoeuf’s time in bankruptcy court was quicker and easier than other notable law firms. Joe Samet, head of restructuring at Baker & McKenzie, and Al Togut, founding partner at Togut, Segal & Segal, talk with Bloomberg Law’s Lee Pacchia about why Dewey’s case went so smoothly compared to others, the prospects for other large law firm failures and how managing partners can keep their firms out of bankruptcy. Both Togut and Samet agree that creating a culture of transparency goes a long way to avoiding a law firm failure. “Except for a select group of people at the very top, the rest of the people at the firm have no idea, none, of what’s going on,” Togut says.