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Everything Frank McCourt touches goes bankrupt

May 30, 2012, 12:31 PM EDT

Frank McCourt AP

I saw that the Dewey & LeBoeuf law firm is folding. That’s huge news and the latest indication of just how farkakte the economics of the legal business are.  But I had forgotten who D&L’s most recent high profile client was. Here’s Steve Dilbeck of the L.A. Times:

News has come from back east that the law firm of Dewey & LeBoeuf is filing for bankruptcy. Besides the little detail that this is the largest law firm to go under in U.S. history, there is this one other notable fact: The law firm going bankrupt is the same law firm that handled Frank McCourt’s bankruptcy of the Dodgers … Hey, I know a guy flush with $1 billion who might be able to give Dewey a loan. You could argue he even owes them.

Sadly, we can’t pin this on McCourt. Rather, we can pin it on a ridiculous compensation system that has law firm partners promising themselves insane draws despite the fact that revenues won’t support it anymore because business clients aren’t as dumb as to simply rubber stamp every legal bill that comes in to the accounting office like they did back in the 80s.

Mamas, don’t let your babies grow up to be corporate lawyers …

  1. bsbiz - May 30, 2012 at 12:39 PM

    We may not be able to pin this one on McCourt, but we get to see Sad Frank one more time, for posterity.

  2. nightman13 - May 30, 2012 at 12:46 PM

    I think we need to start a mccourtface.com if there isn’t one already. manningface.com is priceless.

    • HitsDingers - May 30, 2012 at 1:17 PM

      haha seriously. this is like cousin of manningface

    • Chris Fiorentino - May 30, 2012 at 2:47 PM

      Not that I am a fan of the Colts or, God Forbid, the Stinking Giants…but the manningface.com site doesn’t really work anymore when you realize that they have 3 rings between them. Granted, it was fun to pick on Peyton and Eli before they did anything…now? It just seems kinda lame.

      • nightman13 - May 30, 2012 at 3:38 PM

        Just take the approach I do.

        If Pey Pey wasn’t so selfish and demanded so much of his team’s cap space he’d have as many rings as Brady. Turns out when you occupy upwards of 20% of the team’s salary cap it makes it very difficult to assemble a well rounded team. Then picture him realizing that fact when you look at it.

        I’m pretty sure Eli Manning is the Forrest Gump of the NFL. There is no rhyme or reason why he should have two rings if you look at the stats and some of his performances, but then at the end of the day he somehow pulls it off.

  3. mianfr - May 30, 2012 at 1:00 PM

    Yeah, it’s just the compensation system. They were still doing meaningful and high profile cases, but there just weren’t enough to go around to service all the debt they accrued.

  4. lanflfan - May 30, 2012 at 4:40 PM

    Hopefully every business in the US takes notice: stay clear of McAsshat. He’s the anti-Midas, everything he touches turns to brown (and smelly).

  5. anxovies - May 31, 2012 at 10:10 AM

    McCourt was represented by Dewey, Cheatem & Howe? Figures.

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