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The now bankrupt law firm Dewey & LeBoeuf is winding down its business. In May, the firm filed for bankruptcy, making it the largest U.S. law firm to do so. A New York judge asked for details with respect to how much each of the remaining wind down employees would receive in bonuses if the $450,000 bonus plan were approved according to a July 25, 2012 Thomson Reuters article. One lawyer noted that this bonus is a necessary incentive because now, there is “every reason for these (remaining) people to leave. The only reason for them to stay is this [bonus compensation package.]”
The bonuses would be awarded to staff who stay past a certain point or who reach a specific goal in their accounts collection. The plan was originally designed to keep 52 employees on board, but four have already left. Previously a bankruptcy trustee was opposed to the plan.
If you are in debt or are considering bankruptcy, it is advisable to consult with an attorney. Jayson Lutzky has been practicing law in New York for over 29 years and understands people’s rights and obligations. Call our office at (800) 660-5299 to set up a free consultation. Visit us online, www.BankruptcyNYC.com.