Gay Lawyer Blamed for Dewey & LeBoeuf’s Demise
Steven H. Davis, the former chairman of the Dewey & LeBoeuf law firm, has received most of the blame for the company’s demise. Although his alleged faulty business practices have been aired, one aspect of his personal life has not: Davis’ sexual orientation.
The New York Times casually revealed in one of its DealBook blogs that Davis, 58, came out of the closet in 2001 and left his wife after being together for 24 years. He has been in a long-term relationship with another man for the last decade.
"Steve dealt with this part of his personal life with grace and courage," Tom Bernstein, his Yale classmate and good friend, told the Times. "I’ve known him for over 40 years, and to me, he’s the same Steve Davis."
Dewey & LeBoeuf, a global law firm that is headquartered in New York City, formed in 2007 after a merger between Dewey Ballantine and LeBoeuf, Lamb, Greene & MacRae. The company entered into financial difficulties in late 2011 and 2012, which became public. During the same time, a number of the firm’s partners left the business.
The New York District Attorney launched an investigation into alleged false statements Davis made about the Dewey & LeBoeuf. The law firm, once one of the most powerful in the country, is calling it quits quite soon -- possibly as early as the end of the month.
The Times points out there have been "a series of moves" made by Davis that may have lead to the company falling apart.