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Ex-Dewey Partners Asked to Forgo Half of Salary; Backdate Checks
Jurors at the criminal trial of three former Dewey & LeBoeuf executives facing fraud and conspiracy charges heard vivid descriptions of some of the drama that precipitated the firm's bankruptcy filing in May 2012 from former litigation partner Ralph Ferrara, whose testimony continued late last month.
Though Ferrara was called to the stand by the prosecution, the veteran securities and white-collar criminal defense lawyer often came across as sympathetic to the defense. After praising the defendants ' former chair Steven Davis, former executive director Stephen DiCarmine and ex-CFO Joel Sanders ' for their leadership capabilities, Ferrara spent time describing a tense meeting with all of Dewey & LeBoeuf's top earners.
The meeting was convened on Feb. 13, 2012, so that Davis could ask the group of about 17 partners to forgo 50% of their salaries that year so the 1,400-lawyer firm could pay off its debts. The group had already agreed to let the firm keep 20% of their salaries until 2013, but Ferrara testified that by the time of the meeting, the firm's top executives did not feel that would be enough financial relief.
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