Thelen Reid & Priest

Breaking: Thelen’s All Partner Meeting

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Thelen LLP new logo.jpgAfter yesterday’s news that Thelen Chairman Stephen O’Neal was in talks to move to Howrey, the Thelen partnership met today.

That meeting is still ongoing, but early reports are that a partnership committee recommended dissolution to the full partnership.

The firm has been maintaining that they had a plan that would avoid dissolution ever since their proposed merger with Nixon Peabody fell through.

Update (5:05): As we understand it, Thelen has two different options from this point.

Option 1 is the plan they have arguably been pursuing: breaking up the firm practice group by practice group to interested parties. As we reported yesterday, this is the best option to save associate jobs. However, that plan is dependent on Thelen’s banks signing-off on the plan and maintaining their line of credit. Did Stephen O’Neal’s aggressive and ultimately public pursuit of his own lifeboat at Howrey scuttle that option? Once everybody is told that the managing partner could be leaving in ten days, why would other potential suitors compete for full Thelen practice groups? Instead, it’s easier to wait for an official dissolution and cherry-pick the rainmakers. This is what happened to Heller.

Option 2 is essentially what happened to Heller. If the full partnership accepts the recommendation and dissolves, this would likely trigger the WARN Act. As we know from the Heller situation, employees are entitled to 60 days notice. Many people predicted that Thelen would move to dissolve this week, last week one tipster told us that Thelen wanted to wrap up their operations before the end of the year. If true, that all but necessitates an official dissolution announcement this week. But, as Heller teaches us, just because you get 60-days warning doesn’t mean you get 60-days pay. We know that various Thelen associates were told that this type of dissolution was not going to happen. But … it appears to be happening.

Click here for Thelen’s official press release.

Thelen Launches Dissolution Vote [LegalPad]

Earlier: Weebles Wobble, But Does Thelen Fall Down?

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Weebles Wobble, But Does Thelen Fall Down?

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Thelen LLP new logo.jpgWe’ve spent the day collecting our Thelen rumors. This morning The Recorder reported that Thelen chairman Stephen O’Neal has been in talks to move to the D.C. firm Howrey. Apparently, he’s poised to take 30 attorneys with him.

The firm is set to hold an all partner meeting on Tuesday to discuss their options:

A much anticipated all-partner meeting is being held Tuesday, according to a Thelen partner, although the agenda hasn’t been made available to rank-and-file partners. The meeting had been set for last Thursday, but was rescheduled at the last minute.

“It’s certainly clear to us as industry observers that Thelen has reached a tipping point,” said William Nason, a recruiter with San Diego-based Watanabe Nason Schwartz & Lippman. “It’s amazing to us how quickly firms dissolve when they get to that point.”

Distinguishing Thelen from other dissolution targets after the jump.

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Thelen Associates:
English M*therF%$#*r Do You Speak It?

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Thelen LLP new logo.jpgIf there are Thelen associates that are not actively trying to get another job, if there are “incoming” Thelen first years who are waiting for “concrete answers” from the firm: this is your last warning. Do not pass Go, do not collect $200, just remember that your closest exit might be behind you.

This morning the Recorder sounded the latest alarm bell:

While Thelen is looking for firms willing to pick up various pieces, a core group may choose to stick together, and Thelen partners are meeting on a weekly basis to discuss their options, said the partner, who spoke on condition of anonymity.

The Nixon Peabody merger is off. All the white knights Pollyanna sees on the horizon are actually scavengers looking to pick up useful pieces.

More alarmist rhetoric and mixed metaphors after the jump.

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English M*therF%$#*r Do You Speak It?”

Pillsbury Continues To Poach Thelen Partners

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Thelen LLP new logo.jpgI don’t believe everything I read on ATL’s comment boards, but often accurate information is posted by our readers. Monday, we told you that Pillsbury had acquired Thelen’s China practice group. One reader said:

Look for construction partners to start jumping ship by next week. You heard it here first.

The only thing wrong about that statement was the timing. Pillsbury released the following statement announcing additional new hires:

Michael Evan Jaffe and Ronan J. McHugh, two construction litigators from Thelen LLP, have joined Pillsbury’s Washington, DC office as partner and counsel respectively, advancing the firm’s ongoing expansion of its national litigation and international dispute practices.

In fact, Pillsbury seems quite proud about scavenging Thelen:

Jaffe and McHugh are the latest attorneys from Thelen to join Pillsbury’s litigation team. Earlier this week, it was announced that Shanghai litigation partner Meg Utterback, was joining the firm as part of Pillsbury’s acquisition of Thelen’s China practice.

How many cherries can Thelen lose before somebody chops them down for firewood?

Other (potentially prescient) commenters weigh in after the jump.

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Is Thelen Next?

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Thelen LLP new logo.jpgWhat’s going to happen to Thelen? That is the question many are asking in the wake of Heller Ehrman’s untimely demise.

As we have previously reported, Thelen has not yet been able to merge with another firm, while suffering through a slew of partner defections. They’ve even canceled their 2009 summer program.

Today brings more bad news for Thelen. Pillsbury announced that they have acquired Thelen’s China practice group:

[A] group of approximately 20 attorneys, including partners Tom Shoesmith, Meg Utterback, Joe Tiano and Lou Bevilacqua, to be based in Pillsbury’s Shanghai, Washington, DC and San Francisco offices.

This may not be as crippling as losing a rainmaking IP practice group like Heller did. But the losses are adding up for Thelen.

Thelen’s attempt to quell the rumors, after the jump.

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Law Firm Merger Mania: Nixon & Thelen
You Don’t Have To Go Home But You Can’t Stay Here

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law firm merger.jpgNixon Peabody and Thelen continue to make googly eyes at each other. But if Nixon keeps dancing and talking instead of making a move, there might not be any Thelen left to merge with.

As The Recorder reports:

Bingham McCutchen plans to announce on Monday that four D.C. attorneys from Thelen are moving over: Partner Carl Valenstein — recently listed on Thelen’s Web site as a member of the firm’s partnership council — as well as partners Jerome Akman and David Vidal-Cordero, and senior counsel Rebecca Hartley.

I don’t know who any of those people are, but it’s safe to assume that the laws of “subtraction” still apply to Thelen. It’s not like Nixon (or anybody else) is going to merge with the Thelen associates. A book of business is very different from an active Facebook page.

At least Thelen is trying to get the word out that not all of their partners are up for sale:

Two Thelen partners made a point of showing solidarity with their firm Thursday afternoon.

[Michael] Hallerud said that he’s been with Thelen for more than 13 years and has “no interest in going anywhere,” adding that the San Francisco office is “a family place.”

Another partner, [John] Heisse, replied in an e-mail: “As I have told what seems to be every headhunter in the continental U.S., I have no intention of taking my practice to any other firm. If your article has the effect of stopping their calls, then I appreciate your help.”

It’s awesome that Mr. Heisse is in such great demand. But wouldn’t it be nice if he put in a good word for whatever mid-level has been doing his dirty work for the past few years? Something like:

Hey Mr. Recruiter for a firm with much more stable financials. I’m sticking with the date I came with, but you might want to call up Tippy Highflower whose a 6th year in our San Fran office. She’s great and a future star, and based on the bottle of Zoloft I just saw her eating for lunch, I bet she could use some reassurance about her future prospects.

Associates need lifeboats too. Sometimes just knowing that you have one can help you weather the storm.

Merger or No, Gems Remain in Thelen’s Ranks [Law.com]

Earlier: Law Firm Merger Mania: Nixon Peabody + Thelen = Nixlen Thelpea?

Musical Chairs: Picking on Thelen is the New Bloodsport

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Thelen LLP new logo.jpgLoeb & Loeb announced the addition of two new partners to their New York office, Kenneth A. Adler and Steve A. Semerdjian. Both partners are Thelen refugees.
As you may have heard, Thelen is limping. Not Lehman Brothers limping (Dealbreaker has the latest on Lehman’s desperation). But Thelen clearly needs something positive to happen for them.
We’ll get back to piling on in the near future, but as Adler and Semerdjian cruise away in their lifeboat, we’re forced to wonder how much partner defections actually mean to working associates.
Not that Thelen is hiring anybody, but if they were would you avoid Thelen because Adler and Semerdjian left the firm? Conversely, are there people out there who are thinking “I wasn’t going to take that call-back with Loeb, but now that Adler and Semerdjian are there, sign me up baby!”
loeb loeb.gifPartner defections mean a lot to partners. But how much of that rain really trickles down to the associate level? Thelen’s troubles were obvious long before partners started floating away. Somehow we can’t see Loeb associates having a truck party just because profits per partner might go up thanks to the new acquisitions.
We’ll see when the bonuses come out if Loeb’s additions are anything more than Thelen’s subtractions.
Earlier: Prior ATL coverage of Thelen

Breaking: Thelen Cancels 2009 Summer Associate Program

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Thelen LLP new logo.jpgToo many tipsters to count have alerted us that Thelen appears to have canceled their 2009 summer associate program. People who had scheduled call backs with Thelen were informed this afternoon. As we understand it, this is a firm-wide decision affecting every office. We also believe Thelen has canceled all remaining OCI interviews.
A few tipsters reported that the stated reasons from Thelen were communicated over the phone. They told aspiring summers that their budget overview and ongoing merger talks prevented an accurate assessment of their future hiring needs.
The firm could not be reached for comment. We will update you as soon as the firm updates us.
If true, this information doesn’t really come as a surprise. Thelen has been rumored to be on the merger market for quite some time. The most recent suitor was Nixon Peabody, but there have been rumors of others.
At this point, canceling the entire summer program in preparation for a big-time merger is the best possible reason, right? We’ll keep you posted.
Earlier: Law Firm Merger Mania: Nixon Peabody + Thelen = Nixlen Thelpea?
Law Firm Merger Mania: Thelen Sending Out Feelers?

Law Firm Merger Mania: Nixon Peabody + Thelen = Nixlen Thelpea?

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law firm merger.jpgThelen has laid off attorneys and changed its name, the law firm equivalent of hitting the gym and getting a makeover. Now they’re back in the club and looking for a mate.
Leigh Jones of the National Law Journal reports:

Thelen and Nixon Peabody are in merger talks, with a possible agreement pending, according to sources close to the situation. The law firms have been in extensive talks, with Nixon Peabody leaders traveling to San Francisco to meet with Thelen leaders, according to two sources.

Wasn’t this the plot to the movie Made of Honor? Nixon plays the role of Dr. McDreamy, with its dulcet law firm song. Thelen is the cute platonic friend, who suddenly starts looking really hot when she’s about to get hitched to somebody else.
Given the amount of coverage ATL devotes to these two firms, we wholeheartedly endorse the pairing. Maybe we could convince them to adopt a firm mascot — Nixlen Kittens, anyone?
Thelen in merger talks with Nixon Peabody [National Law Journal via Law.com]
Earlier: Law Firm Merger Mania: Thelen Sending Out Feelers?
Law Firm Merger Mania: Everyone’s a Winner at…. Nixon Pillsbury?

Thelen Their Oats: Will A New Name Lure Suitors?

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Thelen LLP new logo.jpgAs we reported last month, Thelen Reid Brown Raysman & Steiner is on the prowl for a merger partner. And just like a divorcée plunging back into the dating market, the firm is taking steps to make itself more attractive.
Like changing its name. From the firm’s press release:

In a move to present a clear and strong brand in the legal marketplace, Thelen Reid Brown Raysman & Steiner LLP, an international Am Law 100 law firm, announced today that it is shortening the legal name of the firm to Thelen LLP.

The name change will be effective September 9 and will better reflect the firm’s 80-year history as one of the world’s premier law firms. A single corporate identity also has the added benefit of consistent branding in the domestic and global markets in which Thelen operates.

There are other advantages, too. As reported in today’s National Law Journal, name partner Jeffrey Steiner just defected to DLA Piper. This follows the departures of name partners Peter Brown (to Baker Hostetler) and Richard Raysman (to Otterbourg Steindler). Scrubbing their names from the firm name makes sense (and may have been required).
It’s much safer for the firm simply to be known as “Thelen.” Max Thelen isn’t going anywhere.
Thelen Announces New Firm Name [press release]
Defections continue at Thelen [National Law Journal]
Thelen Faces Departures During Merger Search [Legal Times]
Thelen, It Rhymes With Wheelin’ [WSJ Law Blog]

Thelen Their Oats: Will A New Name Lure Suitors?

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Thelen LLP new logo.jpgAs we reported last month, Thelen Reid Brown Raysman & Steiner is on the prowl for a merger partner. And just like a divorcée plunging back into the dating market, the firm is taking steps to make itself more attractive.
Like changing its name. From the firm’s press release:

In a move to present a clear and strong brand in the legal marketplace, Thelen Reid Brown Raysman & Steiner LLP, an international Am Law 100 law firm, announced today that it is shortening the legal name of the firm to Thelen LLP.

The name change will be effective September 9 and will better reflect the firm’s 80-year history as one of the world’s premier law firms. A single corporate identity also has the added benefit of consistent branding in the domestic and global markets in which Thelen operates.

There are other advantages, too. As reported in today’s National Law Journal, name partner Jeffrey Steiner just defected to DLA Piper. This follows the departures of name partners Peter Brown (to Baker Hostetler) and Richard Raysman (to Otterbourg Steindler). Scrubbing their names from the firm name makes sense (and may have been required).
It’s much safer for the firm simply to be known as “Thelen.” Max Thelen isn’t going anywhere.
Thelen Announces New Firm Name [press release]
Defections continue at Thelen [National Law Journal]
Thelen Faces Departures During Merger Search [Legal Times]
Thelen, It Rhymes With Wheelin’ [WSJ Law Blog]

Nationwide Start Date Watch: K&L Gates
(And a request for tips about any other postponed start dates.)

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K&L Gates Kirkpatrick Lockhart Preston Gates Ellis Abovethelaw Above the Law blog.jpgThanks to the worsening economy, law firms don’t have enough work for the lawyers already on their payrolls. Some firms have decided to save money by having incoming first-year associates start later than originally planned. What’s the point of bringing new kids on board, at starting salaries of $160,000 each, if you don’t have enough work to give them?
The latest Biglaw shop to push back start dates: K&L Gates. The original firm-wide start date was September 15; the new start date is October 20.
We contacted K&L Gates for comment. The firm’s director of recruiting, Roz Pitts, explained that the change was made not for any economic reason, but due to “crazy scheduling.” She explained that the firm’s partner retreat in Phoenix is taking place in early October, and they didn’t want the first-years to start work only to have the entire partnership disappear a few weeks later. She added that the firm stands by all its offers — i.e., no offers have been rescinded — and that all incoming associates will be notified of the start date change by today. (Some offices started notifying associates on Friday, which is when we learned of this change.)
But even if K&L Gates were making this change for economic reasons, would there be any shame in that? Other prominent law firms have already announced postponed start dates:

1. Pillsbury Winthrop: start dates pushed back, possibly as far back as January 2009 (the firm told the Wall Street Journal that it “is staggering start dates over several months”).

2. Thacher Proffitt & Wood: the start date for non-litigation first-years has been pushed back to October 20.

3. Thelen Reid: start dates for first-year associates pushed back from September 2008 to January 2009.

Do you know of a Biglaw shop that has announced it’s pushing back start dates? If so, feel free to drop us a line. Thanks.
P.S. When it comes to start dates, maybe there’s no way to please everyone. Back in February, some Sidley Austin associates complained about excessively early start dates.