Former partners set to sue; Salans poised to snap up Eastern European offices.
Disintegrating Chicago firm Altheimer & Gray is buckling under nearly $30m (�18m) worth of debt - nearly a quarter of its total revenue for 2001.
The Lawyer can reveal that this double-digit debt level at the firm, which for its last published financials in 2001 generated $117m (�70.2m) in revenue, was the final straw that pushed Altheimer to announce plans to dissolve nearly two weeks ago.
It has also since emerged that Altheimer's partners will not be paid this month. LaSalle Bank agreed to provide interim financing, but only for its remaining employees, which at the last count numbered 700 staff.
Details from The Lawyer (UK) here. Earlier details of this ongoing saga are here.