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Few, if any, in the legal professon are shedding tears. This should serve as a warning over the legal profession’s folly of subordinating everything and everyone to the so-called “super rainmakers.”
Sounds like a lot of states who made promises to public employee unions that are basically unsustainable. Too bad the residents of those states can’t just leave as easily as finding another job. That would quickly solve the problem of over promising in the future.
I love a story with a happy ending.
For “the name Dewey & LeBoeuf [to] serve as a cautionary tale for major law firms for a long while” it will need to shoulder aside Finley Kumble, which collapsed after doing many of the same things, although not propelled downward by an economic crisis. There was even a book written about it, Shark Tank. The practice of borrowing money to make profit distributions has an oxymoronic ring.
These guys are worse than baseball team owners.
I feel sorry for the innocent victims, the non-partner employees who were let down by greedy, incompentent, and overpaid executives.