Dewey & LeBoeuf’s former New York landlord has some potentially chilling news for the bankrupt firm’s former partners: They may be personally liable for $45 million on the lease for the firm’s midtown Manhattan headquarters and liability waivers in a recently approved $71.5 million bankruptcy settlement won’t protect them.
The lease in question dates to 1989 when most major law firms were structured as general partnerships, meaning anyone hoping to become an owner would have to agree to back the firm’s debts in exchange for the opportunity to share in the profits.
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