Law.com Subscribers SAVE 30%

Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.

The Bankruptcy StrategistKickerFeaturesSectionsNewsLJN Newsletters

A Tale of Two LLPS Sets a New Precedent

By Anthony Michael Sabino and Michael A. Sabino
February 28, 2015

Dewey & LeBoeuf. Words that continue to send tremors throughout the legal profession. This readership knows all too well about the epic collapse of this once venerable firm (in reality, the collapse of two legendary firms that merged less than a decade ago). The papers are full of stories about certain of the defunct law firm's leadership being indicted for various alleged frauds and felonies, as those individuals and the prosecutor now jostle for position at the upcoming trial. Since that ground has been well covered, it serves no purpose to regurgitate it here.

But there is value to be had in telling the story of the bankruptcy court's most recent ruling in this sad tale, encaptioned Jacobs v. Altorelli (In re Dewey & LeBoeuf LLP , 518 B.R. 766 (Bankr. S.D.N.Y. 2014). The paramount issue therein was the impact of Dewey's status as a limited liability partnership upon the obligations of its partners. Certainly, that is where the more enduring story resides, because it establishes a bold, new, and much-needed precedent as to the interaction between state laws of business organization, and important provisions of the Bankruptcy Code.

This premium content is locked for Entertainment Law & Finance subscribers only

  • Stay current on the latest information, rulings, regulations, and trends
  • Includes practical, must-have information on copyrights, royalties, AI, and more
  • Tap into expert guidance from top entertainment lawyers and experts

For enterprise-wide or corporate acess, please contact Customer Service at [email protected] or 877-256-2473

Read These Next
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office Image

A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.

Bankruptcy Sales: Finding a Diamond In the Rough Image

There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.

Bit Parts Image

Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights

Risks of “Baseball Arbitration” in Resolving Real Estate Disputes Image

“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.

Disconnect Between In-House and Outside Counsel Image

'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.