Bankruptcy protection has been filed by Dewey & LeBoeuf, a company which formed in 2007 after two major New York City firms decided to join forces. Unfortunately, the recession and the recent financial crisis hasn't done them any favors, forcing the struggling company to liquidate its assets and close its doors forever.
In a statement released to the media on Monday, the firm said that the bankruptcy protection filing was done to "preserve assets and wind down its business in the most orderly and efficient way possible." Although the firm once counted 1,400 lawyers amongst its staff, the company has asked to keep nearly 90 men and women around to help close up shop.
"We are proud of the dedication and professionalism that has characterized Dewey & LeBoeuf over many years, and we intend to bring the same focus to the unfortunate task of closing out our affairs," Dewey & LeBoeuf executive partner Stephen Horvath said in a statement.
According to court papers, the firm has roughly $315 million in liabilities. At present, the company owes money to former partners, landlords, and banks. The good news: current assets are estimated between $100 million to $500 million.
Twitter reactions to the firm's closure can be found hanging around below.