Top US law firm files for bankruptcy

BBC News

Dewey & LeBoeuf is set to become the biggest law firm to collapse in the US.

The firm filed for chapter 11 bankruptcy protection late on Monday and said it plans to liquidate its business after failing to find a merger partner.

It was hit by the economic downturn, having promised large guaranteed payments to some of its lawyers.

It ran out of cash earlier in the year, which led to the immediate resignation of the majority of its partners.

Read More: http://www.bbc.co.uk/news/business-18246882

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