The Dewey Summers Class of 2012...

http://www.nytimes.com/2012/05/03/b usiness/derailed-on-the-fsiezetheday05/03/12
Christ, It's like winning the Lotto with 30 others, then beiwhatwhut05/03/12
Poor kids. Although, they are no different than any other rsazerac05/03/12
Miserable but hard to feel sorry for them. They will have tdigitalserf05/03/12
I don't think these students did their due diligence, becausbostonlawyer.205/03/12
Not true. My sis is one of the unlucky students who receivepinksugar05/03/12
Really? http://www.thedailybeast.com/articl es/2012/05/03/digitalserf05/03/12
Wait, now William Henderson is just a prof?mnem05/03/12
ummm.....she is a law student at a top 5..Dewey actively liepinksugar05/03/12
if its not the law school scam, it's another scamjdead05/03/12
Did any of the 20/20 hindsight crew here really expect Deweylolcat05/03/12
This is a good betting pool option. I support this.mnem05/03/12
A gold plated truism: “Most firms have an inflated opinimorejdtp4mybunho05/03/12
talk about "doing everything right" and still getting it up lovehatethelaw05/03/12
Meh. Who cares. These people are making a stink because theywolfman05/03/12
I'm with wolf on this one.bigsal05/03/12
I lol'ed when i read this part: ""With Dewey’s announcemdopesmokeresquire05/03/12
Me too. If they got positions at Dewey, they prolly couldbigsal05/03/12
Anyone know how Latham's finances are? We gotta start lookinmnem05/03/12
I have this fear of being lucky enough to score a 2L SA and adviceplease05/03/12
The good think about this happening now to them is that theyunfrozenlawyer05/03/12
I don't feel horrible for them - I feel glad that another whorgdonor05/04/12



siezetheday (May 3, 2012 - 9:40 am)

http://www.nytimes.com/2012/05/03/business/derailed-on-the-fast-track.html?_r=1&smid=fb-share


I feel so bad for them.

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whatwhut (May 3, 2012 - 9:46 am)

Christ, It's like winning the Lotto with 30 others, then being told by the Lotto Commission that no one is winning this time, that you should just find someone else to win the lotto from.

:/

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sazerac (May 3, 2012 - 10:05 am)

Poor kids. Although, they are no different than any other recession casualty - they just happen to be coming late to the party.

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digitalserf (May 3, 2012 - 10:08 am)

Miserable but hard to feel sorry for them. They will have to fend for themselves like everyone else. Dewey was a nice firm but it wasn't Cravath or anything and the writing was on the wall.

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bostonlawyer.2 (May 3, 2012 - 10:15 am)

I don't think these students did their due diligence, because there have been rumblings about problems at this firm since before the time they would have accepted their offers.

In fact I have a friend who worked as an associate at Dewey and jumped the sinking ship.......

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pinksugar (May 3, 2012 - 10:16 am)

Not true. My sis is one of the unlucky students who received an SA offer from Dewey. She researched the firm and had no idea what was going on. In fact, she did not go to her other callbacks after she got an offer from Dewey.

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digitalserf (May 3, 2012 - 10:31 am)

Really?

http://www.thedailybeast.com/articles/2012/05/03/dewey-leboeuf-near-collapse-are-other-white-shoe-law-firms-in-peril.html

"In October of 2011, Dewey announced it had compensation commitments it could not meet. Slashed pay led to lawyer defections. Since January, at least 85 of Dewey's 300 partners have left. Last week, the Manhattan district attorney launched a criminal investigation into alleged wrongdoing by Dewey's former chairman, Steven Davis, in his management of the firm. On Friday, Dewey told its incoming class of summer associates, scheduled to begin in a matter of weeks, making more than $3,000 per week, that the summer program was cancelled. On Monday, Dewey advised its partners to begin looking for work elsewhere.

"If the economy had clipped along, like in 2006 and 2007, Dewey management might have looked wise," said William Henderson, a law professor at Indiana University who studies the business of law firms. "But with the downturn, the pay guarantees essentially sheltered some new hires at the expense of the rest of the rank and file partnership."

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mnem (May 3, 2012 - 10:33 am)

Wait, now William Henderson is just a prof?

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pinksugar (May 3, 2012 - 10:40 am)

ummm.....she is a law student at a top 5..Dewey actively lied to her and her other classmates-and the evil career services lied until it was too late

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jdead (May 3, 2012 - 10:55 am)

if its not the law school scam, it's another scam

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lolcat (May 3, 2012 - 11:56 am)

Did any of the 20/20 hindsight crew here really expect Dewey to go under until recently? If so, why don't you share your prediction for the next large firm to fail? Also, since it's highly relevant to law students, approximately what month do you expect it to fail?

I'm sure the Dewey partners, who lost their capital account and are potentially on hook to creditors, bemoan the lot of the SAs.

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mnem (May 3, 2012 - 7:16 pm)

This is a good betting pool option. I support this.

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morejdtp4mybunho (May 3, 2012 - 12:22 pm)

A gold plated truism:

“Most firms have an inflated opinion of themselves, as do most lawyers. If last fall you offered a job to John Smith from Harvard, and he said, ‘No thanks, I’m going to Dewey,’ your reaction might be, ‘Why the hell did he go to that firm? He must be an idiot.’ ”

Welcome the the reality of the unTTTouchables..

"For students who expect to graduate with $150,000 in debt, taking a summer law firm job can mean the difference between a balanced diet and eating ramen every meal." Love this bit.

@pinksugar- Maybe she should sue.. Oh right
"Plaintiffs could not have reasonably relied on NYLS's alleged misrepresentations ... because they had ample information from additional sources and thus the opportunity to discover the then-existing employment prospects" at each stage of their legal education.

Sorry for your sister got screwed but she will recover and do better than the rest of the masses.

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lovehatethelaw (May 3, 2012 - 12:46 pm)

talk about "doing everything right" and still getting it up the a** with no lube...

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wolfman (May 3, 2012 - 1:11 pm)

Meh. Who cares. These people are making a stink because they have no SA gigs, and no SA gig = no BigLaw for most. Guess what? No SA gig and no BigLaw is the reality for most new lawyers like me.

Supposedly, it's fair for me to scrounge for a 40K non-law job 'cause I went to a T25 and had a B in 1L Contracts while it's "unfair" for these 30 because they went to T14 and had good grades and the firm they picked to summer in folded?

The same people who argue I should have worked harder and gotten an A in Contracts should argue these folks should have looked harder at Dewey's financials/reputration and picked another firm tio summer in, if they had other offers (I'm sure at least some did not).

Life in the law is not fair. Get used to it.

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bigsal (May 3, 2012 - 1:13 pm)

I'm with wolf on this one.

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dopesmokeresquire (May 3, 2012 - 1:29 pm)

I lol'ed when i read this part:

""With Dewey’s announcement, these students’ careful, fastidiously risk-averse career planning collapsed under them, and they fell off the job track not just for Dewey but for its peer firms""

Oh, BOOHOOHOO!!!! cry me a fucking river ninjas!!!!

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bigsal (May 3, 2012 - 1:32 pm)

Me too.

If they got positions at Dewey, they prolly could have gotten jobs at financially-stable places like Dickinson Wright in Detroit or Bryan Cave in Saint Louis which only pay 1925 and 2404 per week respectively. Did they go the "risk-adverse" route? No. They went after the mega firm in NYC with the monster salary.

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mnem (May 3, 2012 - 7:23 pm)

Anyone know how Latham's finances are? We gotta start looking for good options for the next firm to implode.

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adviceplease (May 3, 2012 - 7:57 pm)

I have this fear of being lucky enough to score a 2L SA and something like this happening lol

I, personally feel horrible for these people. Although, I still believe with their likely credential most *not all* will still end up doing pretty well

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unfrozenlawyer (May 3, 2012 - 9:13 pm)

The good think about this happening now to them is that they are still in law school and have a chance of getting something else. The ones who got super screwed were the first year associates who were let go in 2008. The ones who got "lathamed."

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orgdonor (May 4, 2012 - 12:35 am)

I don't feel horrible for them - I feel glad that another white shoe monster bit the dust. I'd love to see all the mega-firms fail. They're often nasty to litigate against. They plumb all the best work. Spread it around. I know plenty of great lawyers who could feast on their carcasses. Blank Rome anyone?

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