Former Dewey & LeBoeuf chairman Steven Davis has come to an agreement with prosecutors to avoid a retrial alongside his two other fellow former executives later this year.

Under the plea deal Davis will be barred from practicing law in New York and from appearing before the US Securities and Exchange Commission for five years. He will be able to practice law in other states or abroad.

Davis stood trial alongside two other former Dewey executives last year for allegedly stealing from the firm's lenders, investors, and others prior to Dewey's collapse in 2012 but the proceedings ended in a mistrial in October.

The charges against Davis will be dropped if he abides by the deal.

Last month, his ex-Dewey colleagues, former executive director Stephen DiCarmine and chief financial officer Joel Sanders, were also offered plea deals, but they have not accepted them, their attorneys said after the hearing last week.

Sanders was offered a sentence of one to three years in prison in exchange for a guilty plea of first-degree scheme to defraud.

DiCarmine was offered a sentence of 500 hours community service in exchange for a guilty pleas on fraud charges.

Sanders and Dicarmine will be retired with the date of the retrial tentatively set for 12 September. However, the next court date to reach a decision on the proceedings is set for 26 February.

Former client relations manager Zachary Warren, whose case was severed from the three other defendants' early on in the case, is facing a separate criminal case over the firm's collapse which is expected to go to trial in March.

He has been offered a sentence of 200 hours of community service respectively in exchange for a guilty pleas on fraud charges but has not accepted the deal.