Although the demise of Dewey & LeBoeufthe biggest failure of a U.S. law firm everunfolded over just a few dramatic months this spring, the reasons behind it were years in the making. Debt, some of which dated back to predecessor firm Dewey Ballantine, played a role, as did a growth-by-lateral strategy that chairman Steven Davis had spent years perfecting. The firms biggest misstep, though, may have been its decision in 2008 to significantly boost partner compensationon the eve of the Bear Stearns meltdown.
Part I: A Troubled Merger
The 2007 merger that created Dewey & LeBoeuf was negotiated quickly and quietly, with rank-and-file partners receiving little hard financial information.
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