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Dewey & Leboeuf Partner Contribution Settlement Agreements Seek to Avoid the Long and Winding Road of Law Firm Bankruptcies

By Steven B. Smith and Joy L. Monahan

The anticipated long and winding road of the Dewey & Leboeuf LLP bankruptcy case was cut short on Oct. 9, 2012, less than five weeks into the case, when the United States Bankruptcy Court for the Southern District of New York (the Honorable Judge Martin Glenn presiding) issued its Memorandum Opinion and Order granting Dewey's motion seeking an order: 1) approving certain partner contribution settlement agreements and mutual releases for participating partners; and 2) denying the motion filed by an ad-hoc committee of retired partners of Lebouef Lamb to appoint an independent examiner. This article explores the process by which the key parties-in-interest in the case successfully negotiated the Partner Contribution Settlements or PCPs, the rationale behind Bankruptcy Judge Glenn's approval of the PCPs, as well as some of the issues that the United States District Court for the Southern District of New York is currently considering on appeal.

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