Dewey & LeBoeuf offers a new clawback settlement to former partners
Defunct law firm Dewey & LeBoeuf has revised the settlement offer to former partners, dropping its potential recovery from $103.6 million to $90.4 million.
The estate put together the deal to offer a means of quickly settling claims against former partners for fees that they took with them to their new firms. This second iteration of the deal decreases the burden of some partners while increasing the burden of others in order to address criticism that the first deal was unfair.
The new deal calls for payments of between $5,000 and $3.5 million, and the estate wants commitments of at least $50 million from former partners by 7 August in order to present the settlement for approval by a US bankruptcy judge in Manhattan.
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