This post has been sitting in draft mode for a few weeks but I still think it is worth mentioning in a meaningless information sort of way. On May 28th one of the largest law firms in the world filed for bankruptcy. Dewey and LeBoeff gave it up and turned the pension plans over to the federal Pension Benefit Guaranty Corporation with an estimated $80 million dollars underfunded liability. As it turns out there were several other large multi-national law firms who did the same. Maybe it is just a coincidence but, it is also rumored that one of the largest law firms in the world is located in Bogota, Colombia.
For the rest of us non-lawyers it is comforting to know, in a sad sort of way, that even lawyers have a tough time in a challenging economy--or at least the firms and the pension plans anyway;-)
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