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Large law firm in bankruptcy status cannot pay bonuses to remaining employees

Dewey & LeBoeuf was one of the largest law firms in the United States. It also had offices in other countries, but in May, the firm filed for bankruptcy in the U.S. Bankruptcy Court of the Southern District of New York. According to a July 19, 2012 Thomson Reuters article, it cannot pay bonuses to its current staff that is helping the firm wind down.

The U.S. bankruptcy trustee said that the firm could not pay the remaining 52 employees a sum of $450,000 as bonuses because the business was not operating as a normal business.

Also, the trustee objected to Dewey & LeBoeuf’s bankruptcy lawyer in Germany because the arrangement was not reasonable.

At the law offices of Jayson Lutzky, P.C., we stay current with the latest legal developments in order to best serve our clients. Mr. Lutzky has worked with thousands of satisfied clients over the past 29 years. If you are in debt or if you are considering bankruptcy we urge you to set up a free initial consultation. You can do so by call our office at (800) 660-5299. Visit us online at www.BankruptcyNYC.com for further information.

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