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).