Dewey & LeBoeuf’s former leaders have been widely pilloried for overseeing the largest law firm bankruptcy in history, but the somewhat uncomfortable truth is that the firm’s 190 equity partners should also shoulder a portion of the blame.
At the criminal trial of the firm’s top managers last summer, testimony from several former Dewey partners showed that while partners were often in the dark about the firm’s financial problems, they failed to raise concerns about this lack of transparency, and sometimes did not even ask for copies of financial statements.
