There was an extraordinary twist in Dewey & LeBoeuf's race towards oblivion when a senior partner fleeing the wreckage paused briefly to claim an astonishing $61m from the firm in his resignation letter.
The departure of M&A megastar Mort Pierce has long been expected. A legend within his field, former firm vice-chairman Pierce was most notable for his proud boast of regularly billing 3,000+ hours a year. That's about 9 hours M&A per day, 365 days a year, due diligence fans. And, as befits a star in the Dewey firmament, he was on a massive retainer, estimated at about $6m per year. But Mort wants more and, when it came to handing in his resignation, he attached a bill for $61m that he reckons the firm owes him.
Given that today will be the last day for many of the firm's support staff in the US, and the firm has warned remaining employees of pending dissolution, here's wishing Mort lots of luck in getting his $61 million.
Mort is off, along with several of his former cabal, to White & Case and, as widely reported, other partners have been fleeing the firm for months. In London, some staff have been taken on by other firms, but the trainees left behind are now scrabbling around for jobs. Six have managed to find berths elsewhere, leaving 14 behind (plus two cohorts still at law school who have suddenly been left dangling).
Earlier this week Legal Week revealed that employees have been told that there is no "definitive assurance" that they'll get their salaries after 31st May. Mort probably didn't hear that though.
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The departure of M&A megastar Mort Pierce has long been expected. A legend within his field, former firm vice-chairman Pierce was most notable for his proud boast of regularly billing 3,000+ hours a year. That's about 9 hours M&A per day, 365 days a year, due diligence fans. And, as befits a star in the Dewey firmament, he was on a massive retainer, estimated at about $6m per year. But Mort wants more and, when it came to handing in his resignation, he attached a bill for $61m that he reckons the firm owes him.
Given that today will be the last day for many of the firm's support staff in the US, and the firm has warned remaining employees of pending dissolution, here's wishing Mort lots of luck in getting his $61 million.
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Spot the difference: Mort Pierce and a pair of massive brass balls |
Mort is off, along with several of his former cabal, to White & Case and, as widely reported, other partners have been fleeing the firm for months. In London, some staff have been taken on by other firms, but the trainees left behind are now scrabbling around for jobs. Six have managed to find berths elsewhere, leaving 14 behind (plus two cohorts still at law school who have suddenly been left dangling).
Earlier this week Legal Week revealed that employees have been told that there is no "definitive assurance" that they'll get their salaries after 31st May. Mort probably didn't hear that though.
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Halliwells II.
Halliwells II.