SAN FRANCISCO — Partners who leave Orrick, Herrington & Sutcliffe aren’t getting their money back for a while because of a new loan requirement by the firm’s bank, according to the firm and several former partners.
A letter sent to former partners last month and obtained by The Recorder said that Orrick had amended its “primary credit agreement with our banks” and that a new provision meant repaying partners at the usual time, in the spring, would cause it to default on the loan.
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