BusinessBusiness RecoveryBDO administrators to Dewey & LeBoeuf make 96 redundancies

BDO administrators to Dewey & LeBoeuf make 96 redundancies

BDO administrators to collapsed law firm Dewey & LeBoeuf make 96 layoffs in its now-defunct London office

BDO administrators to Dewey & LeBoeuf make 96 redundancies

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.

Related Articles

Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

4m Emma Smith, Managing Editor
Kingston Smith liquidators to distribute millions to Bond International Software PLC members

Accounting Firms Kingston Smith liquidators to distribute millions to Bond International Software PLC members

10m Stephanie Wix, Writer
SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

11m Stephanie Wix, Writer
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
Big Four insolvency specialist joins Gibson Hewitt

Business Recovery Big Four insolvency specialist joins Gibson Hewitt

1y Richard Crump, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Johnston Carmichael appointed as joint administrators for Axon Well

Accounting Firms Johnston Carmichael appointed as joint administrators for Axon Well

1y Stephanie Wix, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer