House of Cards

It only took a few months for Dewey & LeBoeuf to collapse, but the reasons behind its fall were years in the making.

, The American Lawyer


It only took a few months for Dewey & LeBoeuf to collapse, but the reasons behind its fall were years in the making.

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What's being said

  • Mike O'Horo

    One word: Hubris. During a boom, such as the 20-year one concluded in early 2008, it's easy to confuse a rising tide with genius. "These wonderful results must be due to our brilliance and acuity." Once that delusion takes root, the first domino has fallen. The story of FinleyKumble, Brobeck, Howrey, Dewey and others is merely the law firm version of the late '90s tech bubble, or the banks who created the housing bubble (and related financial disaster). People start reading their own press, listening to sycophants who assure them of their omnipotence, and generally believing that what was actually a perfect storm of demand and credit was the product of their own capability. They won't be the last. How can anyone look at the absurd valuations of Facebook and others and not recognize the ingredients for another tech bubble/boom/bust? Even though the previous such tech cycle was only 15 years ago.

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