A proposed settlement presented Wednesday to former Dewey & LeBoeuf partners asking them to chip in between $25,000 and $3 million apiece in exchange for a waiver of liability related to the bankrupt law firm is already meeting serious resistance, with initial reactions ranging from skepticism to anger.
On Thursday, former partners and the lawyers they have hired were questioning, among other things, why the plan makes no effort to more heavily charge those who helped lead the firm into its downward spiral. Instead, partners are being unilaterally asked to return a portion of their earnings from 2011 and 2012 on a sliding scale ranging from 10 percent for the lowest earners to 30 percent for its most highly paid rainmakers.
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