Ex-Dewey Leaders Charged With Fraud, Theft

, The Am Law Daily

   | 5 Comments

Following a nearly two-year investigation that began as Dewey & LeBoeuf spiraled toward death, its former chairman, Steven Davis; its former executive director, Stephen DiCarmine; and its ex-chief financial officer, Joel Sanders, were accused Thursday of "concocting and overseeing a massive effort to cook the books" at the firm.

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    The American legal profession has suffered terribly in the court of public opinion for many years. This is especially true with the larger law firms. Like bankers, lawyers were once looked up to in the community. Now many see us in a different and unflattering light.

    Many law firms have failed in recent years because of greed, mismanagement and often, simply not able to keep pace with the changing demands of the marketplace. If the allegations against these former Dewey & LeBouef leaders are correct, we can add common law theft and deception to the mix.

    I predict we will soon see both a rise in virtual firms made up of former "BigLaw" refugees.

    Brian Mahany, Esq.
    http://www.mahanyertl.com

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    As a former employee that joined the firm of Dewey, Ballantine, Bushby, Palmer & Wood in 1986, reading this article brought tears to my eyes a little. I was still employed with the firm when it merged with LeBouef (laid off in March, 2009) and witnessed a little bit of the greed mentioned in this article, but never thought it would bring the firm to its end. Dewey Ballantine was not just a great firm to work with, my co-workers were like family to me. I trust those who were still in the employ with the firm at the time it collapsed has found employment elsewhere.

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    I began my legal career at Dewey, Ballantine, Bushby, Palmer & Wood in 1989. What a sad end to an old and storied firm, destroyed by greed and hubris. Prepare for a nice long sentence, boys.

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    Talking about falsifying business records, those partners who pressed this complaint better hope their bills don‘t become relevant to the inquiry.

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