Dewey files for Chapter 11 in record law firm collapse

Wednesday, May 30, 2012 - 10:42
Business Wisdom
Joseph Ax, Sakthi Prasad for Reuters
…biggest collapse of a law firm in U.S. history. …Dewey & Leboeuf LLP filed for Chapter 11 bankruptcy protection Monday night… Negative economic conditions, along with the firm's partnership compensation arrangements, created a situation where its cash flow was insufficient to cover capital expenses and full compensation expectations… [Emphasis added.]
h/t: 
Drudge
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