Faced with a spate of high-level departures, questions about its fiscal health, and a wave of negative publicity, Dewey & LeBoeuf’s leadership team told partners late Monday that, pending their approval, the firm will replace its current governance structure with a five-member “office of the chairman” and that London M&A partner Stephen Horvath will take control of day-to-day operation.
In a memo sent via e-mail to partners around the world late Monday, Dewey said the firm’s executive committee, joined by more than 30 other senior partners, had reached an “overwhelming consensus” to change the firm’s governance at a meeting earlier in the day.
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