Thelen Files for Chapter 7 Bankruptcy Protection
Tapped out with its liquidation all but done, Thelen filed for Chapter 7 bankruptcy protection last Thursday. Submitted in the Southern District U.S. Bankruptcy Court, the petition declares that the law firm now has as much as $100 million in liabilities against $50 million in assets. Although a dreary fate for the 85-year-old firm with its roots in San Francisco, which at its peak in 2007 had 600 lawyers, the bankruptcy came as little surprise, especially after Thelen’s New York landlord obtained a June 18 judgment setting aside $25 million from the firm’s assets.
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