85-year old US law firm Thelen files for bankruptcy

September 21, 2009 Thelen LLP, a US law firm founded in 1924 in San Francisco, filed for Chapter 7 bankruptcy in the Southern District of New York on Thursday night, almost a year after the firm voted to dissolve.

The firm said Citigroup "is no longer willing to advance funds for the cost of collection and (to) wind down operations," or to fund the costs of a Chapter 11 proceeding.

The firm peaked at roughly 600 attorneys in 2006, and had 500 early in 2008, with attorneys with offices in eight cities in the United States, England and China. By the time of its decision to dissolve in late October 2008, it had shrunk to 400 attorneys through layoffs and attrition.

Read more at www.reuters.com.

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