The recent departures of 50 Dewey & LeBoeuf partners raises the issue, can the firm service.  A number of legal industry experts say that, in all probability, at a minimum it must hang on to a small group of key players. Before and after the departures, Dewey had been struggling with high debt and lower-than-expected revenues, and significant amounts of deferred compensation owed to many of its lawyers, according to 2 former partners with knowledge of the firm's financial condition. In statements, the firm has brushed aside suggestions that it's headed for insolvency, and firm leaders attribute the vast majority of the departures to downsizing efforts orchestrated by the firm itself - to improve profitability. Industry Insiders Are Doubtful. A cadre of industry folk - consisting of a current Dewey , a former Dewey partner, 2 attorney recruiters, 3 law firm consultants, and a managing partner at another BigLaw firm - all say that Dewey & LeBoeuf may be just a few key defections away from calling it quits. That reference pertains to major rainmakers who, in such a scenario, are likely to take big clients and other partners through the doors with them, delivering both a financial and psychological blow to the firm.  The departure of just one or two could activate a fatal domino effect, these experts said. The Key Linchpin Dewey Lawyers. There are 7 key Dewey lawyers identified by the group.  They are: Martin Bienenstock, a bankruptcy attorney; Jeffrey Kessler, a litigator; Morton Pierce, an M&A attorney; Ralph Ferrara, a regulatory and corporate governance lawyer;  Michael Fitzgerald, a corporate securities attorney; Bruce Bennett, a partner in the business solutions and governance group; and Berge Setrakian, an international commerce and corporate lawyer. ............................................................................................ Handicapping These High Profile Rainmakers. At least 2 appear to be committed to the firm - last month, after 12 partners from the insurance group departed, Dewey announced that (1) Bienenstock and (2) Kessler would become members of a new management team.  That would serve to reassure firm associates and other partners that at least 2 of the firm's most high-profile rainmakers have been secured.

Bienenstock, in an email response to questions, acknowledged plans to stick it out, while adding:  "Two weeks ago, more than 50 business-generators each individually pledged to stay with the firm.  I was among them, and my only plans are to make the firm survive and thrive."

While declining to name any of the other rainmakers who made the pledge, he said the group "comprised more than enough partners to ensure success." Kessler, also by email, said, "I am committed to Dewey and believe the firm will prosper." (3) Regulatory partner Ferrara, who is a vice-chairman of the firm, said he "hasn't abandoned" Dewey's plan to build a strong global law firm, but he noted having received numerous calls from competitors seeking to hire him. "Managing partners from around the world are calling me.  Besides having a great affection (for Dewey), I really want it to succeed." (4) M&A partner Pierce, also a vice-chairman, appeared less emphatic about his intentions.  He said he attended a recent partner meeting in which "there was a consensus" that the partners were "pulling together" and would "do what we could" for the firm.  "There was no formal pledge, no secret handshake," he said.  Pierce did not reveal whether he was part of the "consensus." (5) Bennett, (6) Setrakian, and (7) Fitzgerald did not respond to messages seeking comment. For further details, go to:  [Reuters, 4/11/12].