For the law partners at Dewey & LeBoeuf, losing their jobs may be the least of their worries.

They are likely to lose the money they were required to invest in the firm. They could lose their pensions. They may have to give back money they have already been paid. And even if creditors eventually agree to accept a small portion of what they are owed, the partners may owe taxes on the forgiven debt.

Many partners have found new jobs. Still, a new reality is sinking in: not only will they lose the sizable sums tied up in the firm, they may actually owe money. And that has resulted in difficult conversations with spouses, phone calls to advisers and even for-sale signs on front lawns.

“I tell them that the minute they leave my office or end our phone call, they should immediately contact a personal bankruptcy lawyer and take steps to protect themselves,” said Jerome Kowalski, a lawyer who is consulting with some Dewey partners and has been involved in the demise of previous law firms.

Dewey’s staff assistants and office administrators, as well as its retirees and retirees’ widows, will be caught in a collapse of the firm, too.