BDO administrators to Dewey & LeBoeuf make 96 redundancies

by Friederike Heine

More from this author

31 May 2012

  • Comments
dewey-leboeuf-london

DEWEY & LEBOEUF ADMINISTRATORS have made 96 redundancies in its now-defunct London office, with a core team of 12 support staff members retained to assist with the wind-down of the business.

The firm’s UK limited liability partnership (LLP), which also includes the Paris office, was officially placed into administration this week, with BDO business restructuring partners Mark Shaw and Shay Bannon appointed as joint administrators.

The London and Paris offices officially stopped trading around the same time, Accountancy Age's sister publication LegalWeek reports.

The US bankruptcy filing occurred about 12 hours later, with a Chapter 11 filing submitted in federal bankruptcy court in Manhattan at 9pm New York time.

The wind-down of the UK LLP, which is being overseen by the administrators, director of administration Karen Morrissey and CMS Cameron McKenna partner Rita Lowe, will take up to 12 months to complete.

A significant part of the work for an orderly wind-down of the City base has already taken place. The aim is to realise the assets of the business as quickly as possible and arrange for all remaining files to be safely archived in accordance with regulations in the coming two weeks.

According to one former partner, there are more than 20 main creditors in the UK, including the firm’s Mincing Lane landlord. The UK LLP had annual commitments on property leases of £2.3m, with the leases due to run until 2017.

More than half of the 96 redundant staff members have already found new jobs, with many of them joining partners who have secured moves to new firms including Morgan Lewis & Bockius and McDermott Will & Emery, according to the administrators.

At the end of March, Dewey's London office had 35 partners, 77 lawyers and 87 support staff.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send
HM Revenue & Customs

Head Of Financial Control

HM Revenue & Customs, Telford, Full Time, Permanent/p>

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.