Heller Holds Firmwide Meeting on Plans for ‘Orderly Transition’
Posted Sep 25, 2008 6:24 AM CST
By Debra Cassens Weiss
Updated: Heller Ehrman held a firmwide videoconference yesterday to discuss “plans for an orderly transition (or wind down) of our business,” according to an e-mail announcing the meeting.
The Recorder and the Daily Journal (sub. req.) both quoted from the e-mail, but neither had details of the meeting. Heller has hired a lawyer to advise it on dissolution, the Recorder story says, and it laid off several contract workers yesterday in San Francisco, according to the Daily Journal story.
Meanwhile, leaders from out-of-town law firms seeking to hire Heller partners or practice groups are camped out in San Francisco hotels to meet with the potential new hires.
The Recorder story says two concerns are the firm’s credit line and long-term office leases. Heller needs cash for an orderly dissolution. It also is talking to other law firms about hiring larger practice groups and taking over the firm’s office space, reducing the firm’s liabilities.
Since this post was written, Heller's chairman has reportedly told all hands at the law firm that it will need to vote to dissolve tomorrow, as discussed in a subsequent ABAJournal.com post.
Updated at 7:30 p.m. to include link to subsequent ABAJournal.com post.