A story that has not been much in the news in this country, but has wide repercussions for the legal profession worldwide has been the collapse of giant New York law firm Dewey & LeBoeuf LLP. On 30 May the company announced the completion of its demise.

The statement read: "The international law firm of Dewey & LeBoeuf LLP today announced that in an effort to preserve assets and wind down its business in the most orderly and efficient way possible, it has filed for protection under Chapter 11 of the US Bankruptcy Code. The filing was made in Manhattan this evening, in US Bankruptcy Court for the Southern District of New York."

That Chapter 11 filing is a similar procedure to placing a company into administration in the UK. In some cases it results in the business being sold and, therefore saved. However, in the case of Dewey, that is not the case.

The firm's statement continued: "Unlike most other Chapter 11 cases, this filing does not anticipate a return to business but rather a managed wind-down of affairs, followed by liquidation. Dewey & LeBoeuf expects the most significant portion of the process to be completed in the next few months. In the interim, the firm will be operating on a budget and according to a timetable to be determined by the Court."

Executive partner Stephen J Horvath said: "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,"

The statement went on: "Dewey & LeBoeuf has consolidated its operations and intends to sharply reduce the size of the office space it occupies at its headquarters, 1301 Avenue of the Americas, New York, NY. Other domestic and foreign offices have been or are in the process of being closed.

"The London and Paris offices of Dewey & LeBoeuf are operated through a separately incorporated UK entity, which was placed into administration on Monday [28 May]."

The demise of the international giant has been long and drawn-out. According to commentators the collapse was the result of a combination of the economic crisis and the compensation payouts it had to make to 'fleeing' partners.

Accountancy experts will now begin to assess what can be saved to pay creditors, which include former associates and the landlords of the firm's many offices. Its Washington DC landlord claims it is owed nearly $1m in rent.

Dewey itself was not the only casualty. Round the corner from the firm's New York HQ at 1301, Avenue of the Americas in New York is Ben Benson's Steak House, which was described by US legal blog Above the Law as "something of a company canteen for Dewey". The restaurant is due to close on 17 June.