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Sounds of Dewey's Midtown Offices: Relieved Partners, Outgoing Staffers

May 4, 2012
Accompanying the swirl of Dewey & LeBoeuf lawyers passing through office turnstiles on their way to their next employers, one could hear relieved sighs of some 200 or so partners as they received checks for their April "draws."  Several had expressed worry about Dewey’s ability to provide the typical monthly payouts, which typically amount to $25,000. Managing partners had told the other partners that they wouldn't receive their monthly draw unless they were current on billings.  Those who were up-to-date received paychecks.  (Dewey partners, several of whom had guaranteed salaries of millions of dollars a year, usually receive the bulk of their compensation at year-end.) Indications of Constant Motion. Dewey has lost not only partners, but associates and other staffers during these first 4 months of April.  Here are some indications of their outward movements:
  • Two women walked out of the building carrying large company tote bags filled with law books and legal pads.
  • Another woman emerged carrying two framed diplomas, one from Cornell.
  • Upstairs, lawyers hoarded cardboard boxes in anticipation of having to pack up their belongings and leave.
  • Dewey is bringing 2 recruiting agencies into the office today, Friday, to help the staff think through their options, according to an e-mail sent to the New York employees. 
[Dealbook, 5/4/12]