As reported by Peter Lattman in The New York Times yesterday and today, a major New York law firm -- Dewey & LeBoeuf -- is on the verge of bankruptcy. The firm was aiming to become a global powerhouse in corporate law. At its peak, it had more than 1,300 lawyers in 26 offices all over the world. It appears to have taken on too much debt; expanded too rapidly; and is on the verge of collapse.
Many individuals and business have gone bankrupt in recent years. The collapse of a giant international law firm is a grim reminder that any of us can suddenly find ourselves in totally unexpected financial trouble. Having a reasonable asset protection plan in place prior to any such problems can be a huge benefit. If even a giant law firm can collapse within a very short period of time, it is obvious that no business or individual is immune from unexpected financial distress.