New York prosecutors are looking into allegations of wrongdoing by a key leader of the troubled law firm Dewey & LeBoeuf, according to an email sent by firm management to partners on Friday. ... A source familiar with the probe said a preliminary investigation was prompted after a group of Dewey partners asked District Attorney Cyrus Vance to examine "financial irregularities" at the firm. The scope of the investigation remains unclear.The slight scraping sound that they are hearing is the business-entity Grim Reaper sharpening his scythe.
If the firm goes Tango Uniform, that's another 500 lawyers in NYC alone who will be out on the bricks. I imagine that the partners, who are considered to be co-owners, not employees, won't get to collect unemployment. Some of those guys, the ones with loyal clients and a "book of business", as the term goes, will land elsewhere.
A shitload of them won't. I imagine that with a firm name on their resume that will be associated with being the subject of a criminal investigation may make a lot of those folks kind of toxic to other law firms.
Normally, I could get all kinds of snarky about the snooty white-shoe firms. But knowing what it is like to send out resume after resume after resume and not hear a peep back, yeah, I can sort of feel for those guys.
But not too terribly much.
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