After riding the technology wave to become one of the Bay Area's most prominent and profitable law practices, the San Francisco firm of Brobeck, Phleger & Harrison said Thursday that it will dissolve like the boom times that built it.
"Brobeck will likely wind down its operations according to a process that will be defined in the next few days," spokesman John Pachtner said. "The continued down economy, the troubled technology sector and the departure of many of the firm's partners make it unlikely that Brobeck will be able to continue as a free-standing law firm."
Once home to 870 attorneys, Brobeck in recent months witnessed a dramatic flight of partners. Now down to 500 lawyers, it had hoped to survive by merging with Morgan Lewis & Bockius, a more traditional and financially stable East Coast firm. But talks broke down Wednesday, Pachtner confirmed.
Its officers are meeting with its bankers, including its largest lender, Citigroup Inc.'s Citibank, today to renegotiate the terms of its loans, said to total $90 million.
