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How the hell does Dewey & LeBoeuf have $250 million in debt?

WTF were they financing shitty movies on the side or somethi...
Mitt Rombotney  03/30/12
gambling on their underproducing partners' receivables.
David Ben Gurion  03/30/12
...
~~(>' ' )>  03/31/12
they bought every possible number combination for mega milli...
.........:;;;:...:.:.::;;;........................  03/30/12
...
.,.,,..,,,..,,.,.,,..,,,..,,.,.,.,..,.,.,.,,.,,.,.  03/30/12
...
kogan  03/31/12
I keep telling you people a legal practice is a very capital...
steve  03/30/12
i don't think any other big firms have that quantity of debt...
Mitt Rombotney  03/30/12
Most of them have millions, and millions in loans. Dewey is ...
steve  03/30/12
Most have very small lines of credit they use to smooth cash...
PDzorro  03/30/12
You have no clue what you're talking about. And you're not ...
QueenLaBEEFah  03/31/12
You're a fucking horrible businessperson. Your secretary isn...
PDzorro  03/30/12
Who said anything about a secretary? Marketing can eat 20% o...
steve  03/30/12
Your example of "capital intensive business" was y...
PDzorro  03/30/12
Learn to read numbnuts. I never said a secretary makes it a ...
steve  03/30/12
In other words your piece of shit firm operates at no margin...
PDzorro  03/30/12
Yep, my 100+ attorney stipmall PI firm. Thanks for the idiot...
steve  03/30/12
Jacoby & Myers once had 1000 lawyers. It was still shit...
PDzorro  03/31/12
J&M isnt a real law firm. They are a franchise referral ...
steve  03/31/12
$250M of debt is not for working capital. A $10M revolv...
DrakeMallard  03/30/12
so how does dewey proceed? i think a bunch of their debt is...
Mitt Rombotney  03/30/12
I was thinking more along the line of a 30-40 million revolv...
steve  03/30/12
at a firm like Dewey, and many other NY biglaw firms, they t...
JohnPaulStevens  04/11/12
"Marketing can eat 20% of revenue in a heartbeat."...
~~(>' ' )>  03/31/12
(guy who doesn't know what "capital" is)
,..,..,,.,.,.,.,.,..,.,..,,..,.,.,,.,,..,,.,.,.,.,  03/31/12
i have made love to several women of color
Midnight Cowboy  04/11/12
...
Mitt Rombotney  03/30/12
Dividend recaps for the partners
DrakeMallard  03/30/12
this thread reminds me of lawyer's league sporting events. ...
Ed Harris beats his wife  03/30/12
...
Midnight Cowboy  03/30/12
Dewey LA's softball team blows. Kirkland's is full of assho...
PDzorro  03/31/12
more like shithead lawyers like yourself are constantly figh...
Ed Harris beats his wife  03/31/12
pdzorro is a notorious faggot. and we all appreciate how ...
jihad  04/11/12
Lol wtf Eaaaaaaarl
.com  04/11/12
For anyone at the firm/that knows anyone at the firm, any wo...
...,.,.....,....,..,.....,..,  03/30/12
*managing partner surrounded by mega millions tickets watchi...
United Against a Nuclear Latham  03/30/12
Beat me to it and with better imagery to boot. Good luck ton...
.,.,..,..,.,.,:,,:,...,:::,...,:,.,.:..:.,:.::  03/30/12
ty and to you!
United Against a Nuclear Latham  03/30/12
...
SpEd with a 3.9 GPA in a TTT major attending Boalt  03/31/12
(Dewey partners furiously coppin dat Mega Millions quick pic...
.,.,..,..,.,.,:,,:,...,:::,...,:,.,.:..:.,:.::  03/30/12
*is a fucking moron* *doesn't understand how a company co...
jihad  03/31/12
...
Mitt Rombotney  04/11/12
they went to law school
.,.,.;.,..,..,.,:,,:,..,..,::,..,:,.,.:...:,:;.:,.  04/11/12
their TTT clients won't pay up. lol, just lol
Zero Dark Turdy  04/11/12


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Reply

Date: March 30th, 2012 4:47 AM
Author: Mitt Rombotney

WTF were they financing shitty movies on the side or something? betting it all on red?

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20343046)



Reply

Date: March 30th, 2012 8:58 PM
Author: David Ben Gurion

gambling on their underproducing partners' receivables.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349694)



Reply

Date: March 31st, 2012 1:59 AM
Author: ~~(>' ' )>



(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351506)



Reply

Date: March 30th, 2012 8:58 PM
Author: .........:;;;:...:.:.::;;;........................

they bought every possible number combination for mega millions

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349701)



Reply

Date: March 30th, 2012 10:51 PM
Author: .,.,,..,,,..,,.,.,,..,,,..,,.,.,.,..,.,.,.,,.,,.,.



(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20350528)



Reply

Date: March 31st, 2012 2:27 AM
Author: kogan



(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351602)



Reply

Date: March 30th, 2012 9:02 PM
Author: steve

I keep telling you people a legal practice is a very capital intensive business, but you all seem to think all it takes is some office space and a secretary. I have a 55k annual marketing budget allocated just to me. Our "practice group" if you can call it that has a marketing guy who we pay 60k a year, and most of the practice groups have one too. It takes a lot of money to bring in clients.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349731)



Reply

Date: March 30th, 2012 9:16 PM
Author: Mitt Rombotney

i don't think any other big firms have that quantity of debt. it's not a systemic issue. it's a dewey issue.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349816)



Reply

Date: March 30th, 2012 9:18 PM
Author: steve

Most of them have millions, and millions in loans. Dewey is obviously a major outlier, but it takes money to make money.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349826)



Reply

Date: March 30th, 2012 9:19 PM
Author: PDzorro

Most have very small lines of credit they use to smooth cash flow over the course of the year. They don't have 250mm outstanding.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349833)



Reply

Date: March 31st, 2012 8:36 AM
Author: QueenLaBEEFah

You have no clue what you're talking about. And you're not a biglaw partner, you shitlaw scum.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351972)



Reply

Date: March 30th, 2012 9:18 PM
Author: PDzorro

You're a fucking horrible businessperson. Your secretary isn't a fucking capital asset. You don't take out debt to fund salaries unless you have a cash flow problem.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349827)



Reply

Date: March 30th, 2012 9:21 PM
Author: steve

Who said anything about a secretary? Marketing can eat 20% of revenue in a heartbeat. Rent is HUGE in Manhattan. These firms are being raped for every second someone isn't doing a depo in those big fancy conference rooms (and they sit empty more often than not).

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349839)



Reply

Date: March 30th, 2012 9:23 PM
Author: PDzorro

Your example of "capital intensive business" was your secretary and useless marketing guy. Spending a lot of money on current expenses is not the same thing as being "capital intensive".

Taking out a bank loan to pay debt is a horrible idea and a sign of a serious problem too. Any well run biglaw firm has an extremely high margin after expenses. That's why the equity partners are fucking rich.

Holy fucking shit, did you even go to college, much less law school?

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349848)



Reply

Date: March 30th, 2012 9:26 PM
Author: steve

Learn to read numbnuts. I never said a secretary makes it a capital intensive business. I said the need to spend millions on marketing does. I, a shitty Of Counsel, with a book of business in the lowly hundreds of thousands eat up 55-130k in marketing resources every year depending on how you do the math, and that's without factoring in whatever my share of rent and other overhead is. My receivables cost the firm money before they even pay me. So no shit they are reluctant as fuck to toss people like me equity.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349857)



Reply

Date: March 30th, 2012 9:28 PM
Author: PDzorro

In other words your piece of shit firm operates at no margin. No one gives a fuck about the finances of your stripmall PI practice. It's entirely irrelevant an frankly you haven't the slightest idea what you're talking about, nor any business sense. You're just throwing around business buzzwords to try to sound smart.

Dewey didn't go 250mm in the hole buying business cards and printing pitch books dipshit, and if they did, then they're an appalingly poorly run firm because none of their competitors have done the same.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349878)



Reply

Date: March 30th, 2012 9:30 PM
Author: steve

Yep, my 100+ attorney stipmall PI firm. Thanks for the idiotic reply.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349887)



Reply

Date: March 31st, 2012 12:29 AM
Author: PDzorro

Jacoby & Myers once had 1000 lawyers. It was still shitlaw. The only thing worse than living that life is being in denial about it.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351136)



Reply

Date: March 31st, 2012 2:02 AM
Author: steve

J&M isnt a real law firm. They are a franchise referral service masquerading as a law firm. You buy into it to get PI leads. Apples and salamis.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351517)



Reply

Date: March 30th, 2012 9:32 PM
Author: DrakeMallard

$250M of debt is not for working capital.

A $10M revolver? Sure.

$250M is a huge portion of the capital structure in something like a law firm. I hold to my dividend recap answer below

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349899)



Reply

Date: March 30th, 2012 9:36 PM
Author: Mitt Rombotney

so how does dewey proceed? i think a bunch of their debt is structured as bond payments, too.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349927)



Reply

Date: March 30th, 2012 9:38 PM
Author: steve

I was thinking more along the line of a 30-40 million revolving line being more typical. 10 million isnt going to cover a month's payroll. There are 20-30 man PI shops with 10 million dollar lines of credit to say nothing of Vault firm.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349949)



Reply

Date: April 11th, 2012 11:06 PM
Author: JohnPaulStevens

at a firm like Dewey, and many other NY biglaw firms, they typically are in the red for at least the first half of the year. think about it / huge fixed costs (rent and salaries), yet a system whereby collections only come in during the 2nd half of the year. why do you think we spend nov/dec raping clients to pay the bills?

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20443753)



Reply

Date: March 31st, 2012 2:00 AM
Author: ~~(>' ' )>

"Marketing can eat 20% of revenue in a heartbeat."

Maybe for a TV-advertising lawyer.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351512)



Reply

Date: March 31st, 2012 8:31 AM
Author: ,..,..,,.,.,.,.,.,..,.,..,,..,.,.,,.,,..,,.,.,.,.,

(guy who doesn't know what "capital" is)

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351968)



Reply

Date: April 11th, 2012 11:22 PM
Author: Midnight Cowboy (dat Haas School of Business )

i have made love to several women of color

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20443946)



Reply

Date: March 30th, 2012 8:56 PM
Author: Mitt Rombotney



(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349662)



Reply

Date: March 30th, 2012 9:05 PM
Author: DrakeMallard

Dividend recaps for the partners

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349751)



Reply

Date: March 30th, 2012 9:34 PM
Author: Ed Harris beats his wife (earl)

this thread reminds me of lawyer's league sporting events.



(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349921)



Reply

Date: March 30th, 2012 9:41 PM
Author: Midnight Cowboy (dat Haas School of Business )



(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20349977)



Reply

Date: March 31st, 2012 12:27 AM
Author: PDzorro

Dewey LA's softball team blows.

Kirkland's is full of assholes.

Sometimes stereotypes are true.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351128)



Reply

Date: March 31st, 2012 12:28 AM
Author: Ed Harris beats his wife (earl)

more like shithead lawyers like yourself are constantly fighting and being excessively mean about nothing.

Dewey's bball team is very good.

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351133)



Reply

Date: April 11th, 2012 11:13 PM
Author: jihad

pdzorro is a notorious faggot.

and we all appreciate how you just gave your faggot self a semi compliment. hey faggot. the last time dewey's basketball team was better than it is now was right before they fired your faggot ass. problem is, with your gangly, non-dribbling, homo-bitch-caller ass (as opposed to shotcaller), you disgraced your firm and race (or at least 1/2

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20443842)



Reply

Date: April 11th, 2012 11:21 PM
Author: .com

Lol wtf

Eaaaaaaarl

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20443932)



Reply

Date: March 30th, 2012 10:51 PM
Author: ...,.,.....,....,..,.....,..,

For anyone at the firm/that knows anyone at the firm, any word on developments this week? Things getting better or worse?

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20350520)



Reply

Date: March 30th, 2012 10:53 PM
Author: United Against a Nuclear Latham

*managing partner surrounded by mega millions tickets watching the drawing at 11 with a gun in his mouth*

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20350545)



Reply

Date: March 30th, 2012 10:56 PM
Author: .,.,..,..,.,.,:,,:,...,:::,...,:,.,.:..:.,:.::

Beat me to it and with better imagery to boot. Good luck tonight breh

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20350566)



Reply

Date: March 30th, 2012 10:59 PM
Author: United Against a Nuclear Latham

ty and to you!

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20350597)



Reply

Date: March 31st, 2012 2:49 AM
Author: SpEd with a 3.9 GPA in a TTT major attending Boalt (nof@chicks.com)



(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20351642)



Reply

Date: March 30th, 2012 10:54 PM
Author: .,.,..,..,.,.,:,,:,...,:::,...,:,.,.:..:.,:.::

(Dewey partners furiously coppin dat Mega Millions quick pick)

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20350557)



Reply

Date: March 31st, 2012 9:12 AM
Author: jihad

*is a fucking moron*

*doesn't understand how a company could amass debt*

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20352003)



Reply

Date: April 11th, 2012 11:01 PM
Author: Mitt Rombotney



(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20443687)



Reply

Date: April 11th, 2012 11:08 PM
Author: .,.,.;.,..,..,.,:,,:,..,..,::,..,:,.,.:...:,:;.:,.

they went to law school

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20443776)



Reply

Date: April 11th, 2012 11:21 PM
Author: Zero Dark Turdy

their TTT clients won't pay up. lol, just lol

(http://www.autoadmit.com/thread.php?thread_id=1911605&forum_id=2#20443943)