Dorsey was founded in 1912 by William Lancaster, a director of First National Bank of Minneapolis (now part of U.S. Bank), and David Simpson, a judge on the Minnesota Supreme Court. The following year, they hired James Dorsey as their first associate. Dorsey left the firm in the 1920s to become an investment banker, but returned to the firm a few years after the 1929 stock market crash. Dorsey led the firm until his death in 1959. The name of the firm continued to change for most of its history, until it was shortened into its current, permanent name in 1981. Dorsey continues to build on its traditional strengths in corporate law and litigation through a wide range of practice groups.