Everything Frank McCourt touches goes bankrupt


I saw that the Dewey & LeBoeuf law firm is folding. That’s huge news and the latest indication of just how farkakte the economics of the legal business are.  But I had forgotten who D&L’s most recent high profile client was. Here’s Steve Dilbeck of the L.A. Times:

News has come from back east that the law firm of Dewey & LeBoeuf is filing for bankruptcy. Besides the little detail that this is the largest law firm to go under in U.S. history, there is this one other notable fact: The law firm going bankrupt is the same law firm that handled Frank McCourt’s bankruptcy of the Dodgers … Hey, I know a guy flush with $1 billion who might be able to give Dewey a loan. You could argue he even owes them.

Sadly, we can’t pin this on McCourt. Rather, we can pin it on a ridiculous compensation system that has law firm partners promising themselves insane draws despite the fact that revenues won’t support it anymore because business clients aren’t as dumb as to simply rubber stamp every legal bill that comes in to the accounting office like they did back in the 80s.

Mamas, don’t let your babies grow up to be corporate lawyers …

Royals sign Clay Buchholz to minor league deal

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Bob Nightengale of USA TODAY Sports reports that the Royals have signed pitcher Clay Buchholz to a minor league deal. Buchholz will earn a $1.5 million salary if he makes the club’s major league roster and can earn an additional $250,000 through incentives. Buchholz has an opt-out date set for May 1, which means if he isn’t on the Royals’ 25-man roster by then, he can request his release.

Buchholz, 33, was acquired by the Phillies from the Red Sox in December 2016, but he made only two starts before an MRI revealed he had a partial tear of his right flexor pronator mass. He underwent surgery in April and missed the rest of the season.

The Royals recently lost Jesse Hahn, who was diagnosed with a sprained right UCL. Buchholz would likely be in consideration for a rotation spot if another starter were to suffer an injury. Presently, the Royals’ rotation appears set with Danny Duffy, Ian Kennedy, Jason Hammel, Jake Junis, and Nate Karns.