The partners of Altheimer & Gray are expected to vote on Monday to dissolve the Chicago-based law firm, according to a partner.
The move to liquidate comes in the wake of disagreement among the firm’s leadership over its strategy, as the firm had been hammered by a downturn in business and wracked by the defections of high-ranking attorneys. For example, Louis Goldman, chairman of the firm’s international practice resigned recently.
The firm had benefited from the political connections of Chairman Gery Chico, the former chief of staff to Mayor Richard M. Daley who now is campaigning for the Democratic nomination for the U.S. Senate, and Jeremy Margolis, a lawyer for former Gov. George Ryan.
But the firm’s political work has been eroded since Mr. Ryan left office and some key partners departed. On top of this, the firm has suffered as two of its corporate practice’s key niches, real estate and private equity, have been hammered in the sluggish economy.