A Dewey Plea That May Yield More Than Anyone Expected Steven J. Harper , The Am Law Daily April 4, 2014 | 2 Comments share share by mail share on linkedin Facebook share on twitter share on google+ Share With Email Send Thank you for sharing! Your article was successfully shared with the contacts you provided. print reprints Former Dewey & LeBoeuf finance director Frank Canellas copped a guilty plea that could lead to some surprising places. Sign up for a free digital membership and get great benefits like: Already Registered? Sign In now 5 free articles* every 30 days, from other ALM publications Exclusive discounts on ALM events and products American Lawyer digital newsletter, plus your choice of more than 30 digital newsletters Access on the device of your choice: smartphone, tablet, or desktop Unlimited free access to Corporate Counsel and Law Technology News online Create Account with LinkedIn Register Now *May exclude premium content VIEW COMMENTS ( 2 ) ADD COMMENT What's being said Sign In Terms & Conditions Charles Lomax Apr 07, 2014 Something is rotten here, but it may not be what you allude to. As with most large firms, Dewey partners were paid on a wildly unequal basis. Everyone got the same monthly draw, with the vast majority of the rest at year-end. The deal with Dewey‘s banks was to raise $X million thru the PCP and they would not care one bit about how it got whacked up among former partners. By using a one year reachback, the PCP payments were allocated based on a period when the distributions over draw were minimal and the big one at year end never came. That means the allocation was flatter - a lot flatter - than if a longer reachback had been used. The modest progressivity of the PCP formula did not make up for this inequality. Sure, Canellas was in the middle of this, but my guess is Zolfo found a superficially objective way to favor the insiders who got them their very lucrative gig in the Dewey bankruptcy case. Wesson Apr 05, 2014 Don‘ forget the full sentence Emerson wrote about consistency was“a foolish consistency is the hobgoblin of small minds, adored by little statesmen and philosophers and divines" Comments are not moderated. To report offensive comments, click here. Preparing comment abuse report for Article# 1202649771011 Send Thank you! This article's comments will be reviewed.