Former Dewey partners to pay at least $50 million in clawback settlement

Several hours before the deadline, partners agree to a deal that will shield them from future Dewey-related lawsuits

It’s the moment we’ve all been waiting for: Former Dewey & LeBoeuf partners have agreed to return at least $50 million to the firm in a clawback deal that will shield them from future lawsuits.

At least 300 of the 672 eligible partners agreed to the settlement, according to the Wall Street Journal, although some still have complaints about the terms of the deal. The settlement previously underwent two revisions to address concerns that it favored highly paid partners and firm management at the expense of lower-earning employees. Dewey, which filed for bankruptcy on May 28, stood to gain up to $90.4 million from the settlement.

Alanna Byrne

Bio and more articles

Join the Conversation

Advertisement. Closing in 15 seconds.