If you are wondering how it is possible that a storied Wall Street law firm like Dewey Leboeuf can find itself in the middle of a white shoe soap opera, complete with partner defections in droves, a Russian spy, financial mismanagement, aborted merger talks, prepackaged Chapter 11 scenarios, lender workout discussions and a reported probe by the Manhattan DA's office, you may want to read these:
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It is interesting is it not, how Bernanke's funny money has driven a stake through the heart of the bankruptcy bar and how our feckless regulators have obviated the need for armies of lawyers defending banksters.
What is less obvious is why giant law firms continue to chase the wholly grail of global representation of the TBTF banks which are in the midst of further culling their investment banking arms due to insufficient deal flow.