Dewey & LeBoeuf LLP, which once had a battery of about 1,300 lawyers, has been grappling with hard times in recent months.
"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," the firm said in a statement yesterday.
The bankruptcy filing was made on Monday in the US Bankruptcy Court for the Southern District of New York.
Going by reports, this would be one of the largest law firm failures in the US.
Dewey & LeBoeuf expects most part of the winding-up process to be completed in the next few months. In the interim period, the firm would be operating on a budget and would follow the timetable to be determined by the court.
"The needs of all of the firm's law clients continue to be served, mainly by former Dewey & LeBoeuf law partners who have moved on to other firms in recent months," it said.
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The law firm's Executive Partner Stephen J Horvath said the company is proud of the dedication and professionalism that has characterised Dewey & LeBoeuf over many years and "we intend to bring the same focus to the unfortunate task of closing out our affairs".
Noting that it intends to "sharply reduce" the size of its headquarters in New York, the law firm said other domestic and foreign offices are either shut down or are in the process of being closed.
Joff Mitchell of Zolfo Cooper LLC would be the Chief Restructuring Officer while Albert Togut of Togut Segal & Segal LLP would serve as bankruptcy counsel.