When a company begins to encounter financial and business problems, the first sign that anything is wrong is when top executives and managing partners decide to jump ship. After this, unannounced layoffs are likely to occur in order to condense operations, and many employees suddenly find themselves looking for new jobs. This happened in the current case of major international law firm Dewey & LeBoeuf LLP.

Bloomberg reported the firm owes about $200 million to lenders and has recently lost two-thirds of its partners. Its headquarters in Manhattan might be closed, as around 50 of the formerly more than 500 employees remain. The critical situation began when top partners began leaving for better career opportunities elsewhere.

For example, the news source also reported the last of the four major managing partners, Charles Landgraf, has just transferred to Arnold & Porter LLP, despite the fact a new board was being formed. The other three partners left earlier, along with hundreds of mid-to-senior level attorneys.

While this is certainly negative news for Dewey & LeBoeuf, it is encouraging for those seeking legal recruitment. If Dewey & LeBoeuf can come up with the necessary funds to save the company, there will be an incredible amount of vacancies that will need to be filled worldwide, as the firm’s operations stretch over every continent.

Our attorney headhunters here at Kinney Recruiting can help you whether you are new to the market or a former employee. Helping you advance your career is our number one priority, as we help top-tier executives like Landgraf find positions that are tailored to their legal experience. If you are considering a professional move, we can provide job listings, salary negotiation and lifestyle tips that will be invaluable when moving into a new environment.