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A Tale of Two LLPS Sets a New Precedent
Dewey & LeBoeuf. Words that continue to send tremors throughout the legal profession. This readership knows all too well about the epic collapse of this once venerable firm (in reality, the collapse of two legendary firms that merged less than a decade ago). The papers are full of stories about certain of the defunct law firm's leadership being indicted for various alleged frauds and felonies, as those individuals and the prosecutor now jostle for position at the upcoming trial. Since that ground has been well covered, it serves no purpose to regurgitate it here.
But there is value to be had in telling the story of the bankruptcy court's most recent ruling in this sad tale, encaptioned Jacobs v. Altorelli (In re Dewey & LeBoeuf LLP , 518 B.R. 766 (Bankr. S.D.N.Y. 2014). The paramount issue therein was the impact of Dewey's status as a limited liability partnership upon the obligations of its partners. Certainly, that is where the more enduring story resides, because it establishes a bold, new, and much-needed precedent as to the interaction between state laws of business organization, and important provisions of the Bankruptcy Code.
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