Dewey & LeBoeuf offers new settlement to ex-partners

The new proposal aims to address partners’ concerns by raising the contribution amount for highly paid employees

As promised, Dewey & LeBoeuf presented a revised clawback settlement to its ex-partners Thursday, after an initial proposal met with sharp criticism from some former employees.

Specifically, many retirees complained that the original plan favored highly paid employees and executives by putting a $3 million cap on the amount that attorneys could pay to be released from future lawsuits. In response, Dewey lowered the minimum contribution from $25,000 to $5,000 and raised the payment limit from $3 million to $3.5 million. The new proposal would also require the firm’s former executives to pay an additional 20 percent premium, though a settlement document noted that the premium did not reflect any wrongdoing by management.

Alanna Byrne

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