No Big Heller Migration

Heller Ehrman management had hoped that other firms would pick up large groups of lawyers and office leases from the defunct firm.  These deals have fallen through.

Peter Benvenutti, chairman of the dissolution committee now controlling Heller Ehrman, confirmed rumors that Baker & McKenzie and Winston & Strawn had withdrawn proposals to pick up large groups of lawyers and the real estate they inhabit.  While the large deals have fallen through, Baker is apparently still looking at taking on five to twenty Heller partners in a variety of practice areas and locations and Winston is also apparently still after some Heller attorneys.

Heller employees have also been told not to expect to be paid for accrued vacation time, leading to bankruptcy rumors.  This could happen if at least 3 creditors who are owed more than $13,475 file an involuntary bankruptcy petition.  Given that the creditors include landlords, vendors and employees in addition to banks, this may not be far off, even though bankruptcy would make it more difficult for some of these creditors to collect.