Dewey is the product of a boom-era merger between two old-line New York law firms. In late 2007, Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae combined to fuel growth and expand internationally. As part of its growth strategy, the firm also poached star lawyers away from rivals with rich pay packages.
Dewey has about 1,100 lawyers across 25 offices globally.
New York-based Dewey has lost 31 of its 300 partners since January 2012, including the 12 who left on Friday, March 16th. The firm has gotten into financial difficulties after extending lucrative pay guarantees to its top producers. Many partners have had their compensation deferred or slashed after Dewey posted tepid financial results last year.