Dewey & LeBoeuf’s trainee solicitors are facing an uncertain future pending the conclusion of the firm’s latest renegotiation of bank loans, with an outcome due at the end of this month (30 April).
Although the firm has confirmed that training contracts are “proceeding as normal”, it is understood that the situation will remain uncertain until it is clear what the result of the renegotiation of the bank loans is (16 April 2012).
In a statement from the firm a spokesperson said: “The training contracts for our current and future trainees in London are still proceeding as normal. The firm will notify all individuals if this were to change for any reason.”
The US firm currently has 20 trainees in its London office, with new cohorts of trainees due to start in September 2012 and March 2013. The firm is currently recruiting for its September 2014 and March 2015 intakes.
It is understood that the firm’s Dubai-based trainees are being relocated to London after the defection of a 25-person team to Dechert (17 April 2012).
As The Lawyer reported last week, Dewey is currently considering a restructuring in advance of a possible takeover or a closing down of its international network (19 April 2012).
The news arrives after the resignation of London partner Fred Gander, who had been head of legacy firm Dewey Ballantine, and follows the departure of around 70 partners since the beginning of the year (24 April 2012).
Readers' comments (4)
Anonymous | 25-Apr-2012 6:06 pm
You guys are way behind on your reporting. The Abu Dhabi office has already closed and the London office is going to close as well.
Unsuitable or offensive? Report this comment
Anonymous | 25-Apr-2012 6:09 pm
What an absolute omnishambles.
Unsuitable or offensive? Report this comment
Anonymous | 26-Apr-2012 8:47 am
No doubt the Law Society will stay out of sight and offer no source of support whatsoever for these trainees (who are, let's remember, their student members BY COMPULSION) during this uncertain time, in the same way that not a peep was heard from them by then current and soon-to-be-ex future trainees them during the Halliwells saga. Then after it's all over they'll have a workshop in Manchester, just like last time. Useless bunch of tools.
Unsuitable or offensive? Report this comment
Apollinaris | 4-May-2012 5:17 pm
As a former law student recruiter in Los Angeles, it is my opinion that every soon-to-be-ex future trainee should be paid a $150,000 "betrayal fee" by those partners who received the highest bonuses at the last pay-out round and then jumped the sinking Dewey ship.
Unsuitable or offensive? Report this comment