National Law Firm Files Chapter 7 Bankruptcy
At least they’ll know where to find a lawyer.
Thelen LLP, an 85-year-old law firm that once employed more than 600 lawyers, was forced to file chapter 7 bankruptcy after they couldn’t come up with the cash to fund a Chapter 11 restructuring deal, according to Reuters.
Chapter 11 restructuring plans are among the most expensive bankruptcy options. Reuters reports that Thelen sought financing through Citigroup to reorder the company, but was turned down.
The law firm had offices in New York, California and Washington, D.C., but a New York bankruptcy court will handle the filing.
According to papers filed with that court, Thelen has less than $50 million in assets and $50-100 million in liabilities.