The New York-based law firm, Dewey & LeBeouf LLP, has now announced that they will be filing for Chapter 11 bankruptcy.

The firm is currently in the bankruptcy court in order to attempt to settle the $315 million in debt that they owe to a various creditors.

According to the Wall Street Journal online, the bankruptcy docket names the firm’s former executive director as many people blame him and his former business partner for the financial issues that the firm is facing.

Claims have been made that the reason for the management issues is because large payments to star lawyers as well as “lateral hires.”