Following several weeks of speculation, long-established US law firm Thelen says it will close its doors at the end of November.
The firm, which earlier this year shortened its name from Thelen Reid Brown Raysman & Steiner to “Thelen”, has lost key staff in recent months (including its entire China team) and has dealt with an increasingly constrained bottom line. A bank has taken over its finances.
On 28 October, the firm announced that “recessionary pressures and numerous partner departures over the past year” contributed to a decline in revenue and, eventually, a recommendation by the partnership council to close the firm as of 1 December.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”3″ ihc_mb_template=”2″ ]
According to a press release issued by the firm, Thelen is in default of its primary credit agreement, which restricts how many partners can leave the firm in any one year. Discussions are ongoing to pay employees 60 days salary while the bank has said it will fund employees until 30 November, but has refused to pay accrued vacation.
Headquartered in San Francisco, Thelen was founded in 1924. It was first known as Thelen Marrin Johnson & Bridges and focused on construction law. The firm has an active India practice led by partner Bob Nelson.
Thelen is the second major law firm from the San Francisco area to move towards closure in a month. Heller Ehrman moved to fold in September.
[/ihc-hide-content]
