No law firm collapse has left a more indelible mark on the legal profession than the spectacular failure of Dewey & LeBoeuf. While many remember the outsize guarantees and the drawing down of credit lines that helped bring about its demise, the firm was also pinned with another immense financial burden: a generous, underfunded pension plan.

For some firms in the Great Recession, reduced revenues combined with the overwhelming pressure from multimillion-dollar pension liabilities—a holdover from the days when pensions were simply a promise firms made to retiring partners—were too much to bear.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Advance® Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]