Irony is one of our most overused words, but come on …
News has come from back east that the law firm of Dewey & LeBoeuf is filing for bankruptcy.
Besides the little detail that this is the largest law firm to go under in U.S. history, there is this one other notable fact:
The law firm going bankrupt is the same law firm that handled Frank McCourt’s bankruptcy of the Dodgers.
In its filing, Dewey lists liabilities “in the range” of $100 million to $500 million; if that’s the best estimate it can come up with, it’s no wonder these guys got into financial trouble.
Hey, I know a guy flush with $1 billion who might be able to give Dewey a loan. You could argue he even owes them.
According to court records, McCourt has incurred more than $20 million in “bankruptcy-related expenses.” Bills are still coming in. That’s not all from Dewey, certainly, but it’s still a lot of attorney fees. And Dewey was discounting its bill.
Dewey is not planning on coming out of this either, but to liquidate. Guess it knows what it’s doing, it does have all that experience.