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.