Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

The Bankruptcy StrategistKickerFeaturesTopicsLaw Firm ManagementSectionsNewsLJN Newsletters

Dewey & Leboeuf Partner Contribution Settlement Agreements Seek to Avoid the Long and Winding Road of Law Firm Bankruptcies

By Steven B. Smith and Joy L. Monahan
November 26, 2012

The anticipated long and winding road of the Dewey & Leboeuf LLP bankruptcy case was cut short on Oct. 9, 2012, less than five weeks into the case, when the United States Bankruptcy Court for the Southern District of New York (the Honorable Judge Martin Glenn presiding) issued its Memorandum Opinion and Order granting Dewey's motion seeking an order: 1) approving certain partner contribution settlement agreements and mutual releases for participating partners; and 2) denying the motion filed by an ad-hoc committee of retired partners of Lebouef Lamb to appoint an independent examiner. This article explores the process by which the key parties-in-interest in the case successfully negotiated the Partner Contribution Settlements or PCPs, the rationale behind Bankruptcy Judge Glenn's approval of the PCPs, as well as some of the issues that the United States District Court for the Southern District of New York is currently considering on appeal.

Background

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
The DOJ's Corporate Enforcement Policy: One Year Later Image

The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.

The Bankruptcy Hotline Image

Recent cases of importance to your practice.

Use of Deferred Prosecution Agreements In White Collar Investigations Image

This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.

How AI Has Affected PR Image

When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.

The DOJ's New Parameters for Evaluating Corporate Compliance Programs Image

The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.