Judge Approves Retention Bonuses to Dewey Employees
Dewey & LeBoeuf largely won court approval yesterday of a plan to pay up to $700,000 in retention and incentive bonuses in an effort to encourage a dwindling number of employees to stay at the defunct law firm, Reuters reported yesterday. U.S. Trustee Tracy Hope Davis had objected to the plan, saying that the firm had not shown the plan was "economically feasible" or justified. But Bankruptcy Judge Martin Glenn said yesterday that the costs were reasonable given what would happen if its remaining employees, who number fewer than 50, left. Dewey has been winding down since filing for chapter 11 in May. Once a firm of 1,400 lawyers globally, today it has just a handful of employees left, who are helping Dewey collect bills and dispose of hundreds of thousands of client files.