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+The embattled New York law firm Dewey & LeBoeuf LLP has filed for bankruptcy protection, a move that effectively ends what had been at its height a 1,300-lawyer global enterprise and marks one of the largest law-firm failures in U.S. history.
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+The Chapter 11 filing, submitted Monday evening in federal bankruptcy court in Manhattan, followed a rocky six months for the debt-laden firm, which had seen an exodus of partners amid disputes over compensation and concerns about the firm's financial stability.
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+Legal experts predict lawsuits will follow. Bankruptcy administrators for failed firms often sue former partners to recover money paid out before the firm went under. They also target law firms where ex-partners from a dissolved firm go, taking unfinished legal work with them, under the theory that profits from that business rightly belong to the old firm.
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+Bloomberg News
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+Dewey & LeBoeuf enters bankruptcy owing approximately $315 million to a list of more than 5,000 creditors
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+By the end of May some two-thirds of Dewey & LeBoeuf's roughly 320 partners had left, and the Manhattan District Attorney's Office had launched a criminal investigation into activities at the firm. Regulators have sued to take over its pension plans, which they say are underfunded by $80 million.
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+The firm has essentially been in wind-down mode for several weeks. It has closed most offices, sold off some overseas branches and dismissed hundreds of staff and associate attorneys. At Dewey's New York headquarters, a skeleton crew working with lenders and bankruptcy consultants has been trying to collect outstanding client bills.
+Departing Dewey
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+See how many of the firm's approximately 320 equity partners have left, and where they've gone.
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+View Interactive
+Key Events for Dewey
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+See a timeline of the firm's history.
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+View Interactive
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+    More photos and interactive graphics 
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+The firm enters bankruptcy owing approximately $315 million to a list of more than 5,000 creditors, including secured lenders, landlords, vendors and employees, according to papers filed in support of the petition.
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+The firm has assets of approximately $13 million in cash and approximately $255 million in accounts receivable and ongoing legal work, according to papers accompanying the filing.
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+Funds should be available to unsecured creditors, the filing said.
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+The firm expects most of the process to be completed in the next few months, and in the interim will be operating on a budget and timetable to be determined by the bankruptcy court, according to a statement issued Monday evening.
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+The firm has asked the court for permission to continue to pay staff salaries and benefits.
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+"We are proud of the dedication and professionalism that has characterized Dewey & LeBoeuf over many years, and we intend to bring the same focus to the unfortunate task of closing out our affairs," said Stephen J. Horvath, executive partner.
+
+By the end of May some two-thirds of Dewey & LeBoeuf's roughly 320 partners had left, and the Manhattan District Attorney's Office had launched a criminal investigation into activities at the firm. Regulators have sued to take over its pension plans, which they say are underfunded by $80 million.
+
+The firm has essentially been in wind-down mode for several weeks. It has closed most offices, sold off some overseas branches and dismissed hundreds of staff and associate attorneys. At Dewey's New York headquarters, a skeleton crew working with lenders and bankruptcy consultants has been trying to collect outstanding client bills.
+
+The firm enters bankruptcy owing approximately $315 million to a list of more than 5,000 creditors, including secured lenders, landlords, vendors and employees, according to papers filed in support of the petition.
+
+The firm has assets of approximately $13 million in cash and approximately $255 million in accounts receivable and ongoing legal work, according to papers accompanying the filing.
+
+Funds should be available to unsecured creditors, the filing said.
+
+The firm expects most of the process to be completed in the next few months, and in the interim will be operating on a budget and timetable to be determined by the bankruptcy court, according to a statement issued Monday evening.
+
+The firm has asked the court for permission to continue to pay staff salaries and benefits.
+
+"We are proud of the dedication and professionalism that has characterized Dewey & LeBoeuf over many years, and we intend to bring the same focus to the unfortunate task of closing out our affairs," said Stephen J. Horvath, executive partner.