12 partners depart troubled NY firm Dewey & LeBoeuf

March 19, 2012 Twelve insurance law partners from Dewey & LeBoeuf resigned on Friday of last week. The group is headed to Willkie Farr & Gallagher, bringing the total number of departures this year to 31.

The New York-based Dewey got itself into difficulty by extending lucrative pay guarantees to top producers. After disappointing financial results last year the firm was forced to defer or reduce compensation for many partners, leading to the present dissatisfaction and exodus.

The departures pose a significant leadership problem for Dewey, as it loses the head of its mergers and acquisitions practice, Alexander M. Dye, the co-chairman of its corporate finance group, Michael Groll and the co-chairman of its insurance-industry practice, John M. Schwolsky.

Read more at dealbook.nytimes.com.

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