Dewey's Hong Kong office is unaffected by the firm's troubles, says MP
Dewey & LeBoeuf has said that its troubles in the US have no bearing upon its operation in Hong Kong. Hong Kong managing partner Heng Loong Cheong said: “The Hong Kong team is to a large extent unaffected by developments elsewhere in the network, since the vast majority of work for existing clients and also new client generation is originated locally.” He added: "The Hong Kong office is cash generative and continues to be instructed by new clients, as well as existing clients on new matters.”
According to reports, Dewey has lost 70 of its 950 partners this year, accounting for 23 per cent of the entire partnership. And more departures could be on the way.
The firm has retained bankruptcy lawyer Albert Togut, which could mean that the firm is looking for legal help to renegotiate its debts, which include a roughly $125 million bond.
Meanwhile, US law firm Greenberg Traurig has said that it has had "preliminary discussions" with Dewey about hiring lawyers from the embattled firm, but has made "no commitments" and has "not reached agreements" about whether to hire those lawyers.
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