Law giant Dewey & LeBoeuf has put its UK operations into
administration following their bankruptcy in the US.
Most of the UK branches staff have been left without jobs,
save for a small team assisting with the administration. Shay Bannon and Mark
Shaw of BDO have been appointed joint administrators.
The law firm operated its UK LLP from its offices in Paris
and London, and is to closed down in a controlled way, safe guarding client
interests and files, whilst maximising the return to creditors of both Dewey
LeBoeuf’s UK LLP and sister company Dewey & LeBoeuf Services Ltd.
Troubles experienced in the US are blamed on the continued
economic downturn leading to insufficient cash to cover expenses. Around 300 of
the partners also left to pursue opportunities in rival firms, due to
uncertainty surrounding compensation and substantial debts of between $100
million and $500 million.
