Legal News

Thelen . . . It Rhymes (Sort of) with Leavin?

By Ashby Jones

Over the last few months, we’ve written a lot about Thelen. There were associate layoffs; then merger discussions (here and here); then partner defections. Now, according to the NLJ, the situation at Thelen has “reached a new level” with the news that the firm’s chairman Stephen O’Neal (pictured) is out job-hunting.

According to the Recorder, O’Neal and 30 or so lawyers from Thelen’s construction and mass torts practice are currently in talks with Howrey, in the hopes of closing a deal within the next 10 days. The paper cited a person familiar with the situation.

Since merger discussions with Nixon Peabody folded several weeks ago, Thelen has been looking to other firms to pick up practices or partners, according to the Recorder. There has been frequent speculation and rumor that the firm is on the edge of dissolution.

“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.”

O’Neal referred questions to a Thelen spokesman, who declined to comment.

Full post as published by Law Blog - WSJ.com on October 27, 2008 (boomark / email).