Thelen, the national law firm whose partners voted to dissolve in December, has agreed to a $1.12 million judgment in favor of Schiff Hardin to settle a lawsuit arising out of a sublease contract the two firms entered into two years ago for New York office space.
But Schiff Hardin partners are not likely to see the money anytime soon. Thelen’s accounts receivable are increasingly growing stale and it still owes millions of dollars to Citigroup Inc., its secured lender. And if Thelen files for bankruptcy—a possibility suggested in the settlement—Schiff Hardin will have to compete with other unsecured creditors for what is left.
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