There are more than 60 empty chairs at Dewey & LeBoeuf. Many of them are rainmakers and the heavyweights in practices like energy. So, it's no surprise that Bloomberg reports that the firm might file for a pre-packaged bankruptcy. That differs from a traditional one in that agreement from creditors is obtained before the plan is presented to the court for approval.
Bloomberg also reports that Reuters carried the story that bankruptcy lawyer Albert Togut had been retained. The latter did not comment.
There's also the possibility of a merger. But as Lee Iacocca told security analysts why almost bankrupt Chrysler didn't hook up with another company, "No body wants to dance with you when you're almost out of money."
If Dewey & LeBoeuf simply tanks vendors and limited liability partners won't get paid. Also, so many lawyers and staff will lose their jobs.