Based in New York, Dewey & Leboeuf LLP was once one of the largest law firms in the U.S. with more than 1,300 attorneys in 12 countries at its peak. The firm was formed by merging Dewey Ballantine LLP and LeBoeuf, Lamb, Greene & McRae LLP in 2007 at the onset of one of the worst economic downturns in U.S. history. The law firm advices such clients as Los Angeles Dodgers LLC during its restructuring.

Dewey & Leboeuf LLP filed for chapter 11 bankruptcy protection in May 28, 2012 after failing to find a merger partner, marking it the biggest collapse of a law firm in U.S. history. Prior to its bankruptcy filings, the firm was suffering from the loss of the vast majority of its roughly 300 partners to other firms amid concerns about compensation and a heavy debt load. The negative economic conditions after 2007, combined with the firm's rapid growth and partnership compensation arrangements, created a situation where the cash flow was insufficient to cover capital expenses and full compensation expectations.