[ By Melanie Gretchen ] Dewey & LeBoeuf gave its partners a running head start by encouraging its partners on Monday evening to find another job, according to an internal memo.  Efforts to avoid failure in the past few days have included merging with another law firm and persuading its lenders not to push it into liquidation. The End Is Nigh. The blow was the latest in a series since the 2007 merger at the beginning of the financial crisis revealed the firm's financial problems and disappointing profits forced its leadership to slash partners’ compensation.  Since January, partner defections have increased; more than 85 of its 300 partners have left, including at least 11 on Monday.  This time, the exodus was at the behest of management: "All partners," said the memo, "are encouraged to seek out alternative opportunities." Last week, a criminal investigation was launched into allegations of wrongdoing by Steven H. Davis, the firm’s former chairman, who was stripped from his leadership posts this past weekend. Bankruptcy Possibility. If Dewey filed for bankruptcy, it would most likely lead to the firm’s dissolution, industry experts say.  Unlike an operating company with physical assets that could reorganize in a bankruptcy, Dewey — a private partnership whose only real assets are lawyers — would have with nothing to restructure once its lawyers walk out the door. Ironically, lawyers would be needed as a dissolution of Dewey would likely result in legal battles over money between creditors, bondholders and the partners, who would be  owed back pay.  In a bankruptcy proceeding, Dewey’s partners could also be on the hook for millions of dollars in so-called clawback claims brought by creditors seeking to recover money. To date, Dewey has denied plans to take this course: "There are no plans to file bankruptcy,” Martin Bienenstock, the head of Dewey’s restructuring practice and a member of the office of the chairman, said late Monday.  "And anyone who says differently doesn’t know what they’re talking about." The Fate of Steven H. Davis. For his part, Mr. Davis has hired Barry A. Bohrer, a criminal defense lawyer at Morvillo, Abramowitz, Grand, Iason, Anello & Bohrer, to represent him.  In the meantime, Mr. Davis e-mailed his partners on Sunday, to defend his tenure as the firm’s chairman: "A dispassionate and disinterested review of the facts will confirm that I have not engaged in any misconduct.  I did my best to navigate the firm through challenging and turbulent times, and I deeply regret our current situation." Considering how many partners have left, is there anyone left to care? For further details, go to [NYTimes, 4/30/12].