Law firm Dewey & LeBoeuf LLP, which was active in the renewable energy sector as well as other industries, has announced that in order to preserve its assets and wind down its business in an orderly way, it has filed for protection under Chapter 11 of the U.S. Bankruptcy Code.
Unlike most other Chapter 11 cases, this filing does not anticipate a return to business, but rather a managed wind-down of affairs, followed by liquidation, the company says. The firm says it expects the most significant portion of the process to be completed in the next few months. In the interim, the firm will be operating on a budget and according to a timetable to be determined by the court.
The firm says the needs of all of its clients continue to be served, mainly by former Dewey & LeBoeuf law partners who have moved on to other firms in recent months.
Dewey & LeBoeuf has consolidated its operations and intends to sharply reduce the size of the office space it occupies at its New York headquarters. Other domestic and foreign offices have been or are in the process of being closed.