According to the article "Back to the Round Table With Dorothy Parker and Pals. . ." published in 'The New York Times' on 29th August 1993, star Jennifer Jason Leigh was so dedicated to doing this movie that Leigh did it for what she says was "a tenth of what I normally get for a film".
Writer-director Alan Rudolph became interested in the Algonquin Round Table when he was a child. Rudolph saw whimsy illustrations by Gluyas Williams in a collection of Robert Benchley's humor essays in a book that was owned by his father director Oscar Rudolph.
The movie was made around 1993 then first released in 1994, all around the centenary of the birth of Dorothy Parker (portrayed in the movie by Jennifer Jason Leigh) who had been born on 22nd August 1893.
The movie's production notes state that according to the film writer-director Alan Rudolph "the 20's seemed to me the source of many contemporary notions, only with better language". Rudolph previous helmed The Moderns (1988) which was also set during the 1920s.
The film's "widescreen lensing alternates between intense black-and-white for the framing story and lustrous color for the principal sequences" according to Todd McCarthy in his review in show-business trade paper 'Variety'.
The picture was not fully financed until about four weeks into principal photography according to a 23rd December 1994 Entertainment Weekly article by Tim Appelo where director/co-writer Alan Rudolph said: "We didn't have (full) financing until four weeks into shooting. It's one of those credit-card movies".
The trivia item below may give away important plot points.
The film's closing epilogue states: "Dorothy Parker suffered a fatal heart attack in 1967, at the age of 74. Despite several suicide attempts, she outlived nearly all the original members of the Algonquin Round Table. Her small estate was left to Martin Luther King Jr. Contrary to Mrs. Parker's wishes for rain, she died on a warm sunny day".