NEW YORK—Insurance will remain an important practice for embattled law firm Dewey & LeBoeuf L.L.P. and it will continue serving industry clients despite the exodus of high-profile insurance specialists in recent weeks, the law firm said.

A spokesman for the New York-based law firm, which was formed in 2007 by the merger of Dewey Ballentine L.L.P. and LeBoeuf, Lamb, Greene & MacRae, declined to say how many insurance specialists have left the firm.

But since the beginning of March, defections from Dewey LeBoeuf have been mounting. Six insurance lawyers, including captive industry expert P. Bruce Wright, joined New York-based Sutherland Asbill & Brennan L.L.P., while 12 insurance attorneys joined New York-based Willkie Farr & Gallagher L.L.P.

James R. Woods, co-chair of Dewey LeBoeuf's global insurance industry practice, joined Mayer Brown in New York. In addition, four insurance lawyers, led by John Nonna, chair of Dewey LeBoeuf's insurance and reinsurance dispute resolution practice, joined Patton Boggs L.L.P. in New York in early April.

“Dewey & LeBoeuf retains a strong nucleus of partners, counsel and associates dedicated primarily to our insurance industry clients, offering expert advice on corporate, litigation (including regulatory and compliance) and tax matters,” said a Dewey LeBoeuf spokesman in an email. “Going forward, the firm's insurance specialty will remain an important area of focus, drawing on our decades of experience in the industry.”

Dewey LeBoeuf's website lists more than 30 partners as practicing in the insurance area.

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A source familiar with situation who declined to be identified said Dewey LeBoeuf's troubles stemmed from the merger itself, which the source said occurred at the “unfortunate time” just before the economic downturn. Dewey was a firm heavily involved in transactions such as mergers and acquisitions, and such law firms “took a hit” in the recession, said the source.

Meanwhile, disaffected partners got promises of financial guarantees, the source said. The firm also did some high-profile recruiting, with high guaranteed compensation. But profits plummeted to about half of what had been expected in 2011. There was considerably less money to go around, so partners left, said the source, who pointed out that Dewey LeBoeuf is one of several high-profile firms that have faced financial difficulties in recent years.

A legal scholar and practicing attorney who teaches law firm management at Widener University School of Law in Wilmington, Del., said issues of property arise when a law firm breaks up.

“Any time that you have a law firm break up, it's very much like a divorce,” said Charles Slanina, adjunct professor at Widener Law and a partner in the Hockessin, Del., office of law firm Finger & Slanina L.L.C.

“You go through property issues,” said Mr. Slanina, who has no connection to Dewey LeBoeuf. “The major assets of any law firm are the clients and, of course, attorneys don't own clients. Clients always get to choose who represents them. There's always a lot jockeying about what clients can be persuaded to go or stay.”