McDermott announced on Monday (10 November) that it has signed a 10-year lease on the property. The firm, known for its intellectual property practice, will now move its 60 lawyers into a space that has room for 100.
"This is a huge commitment to continuing our growth," said Anthony de Alcuaz, partner-in-charge of McDermott's Silicon Valley office, currently in
De Alcuaz said the office is branching out from its traditional practice areas, and the new space will be filled by new lawyers in areas such as patent prosecution and labour and employment.
"We are getting into practice areas that we have not traditionally been in," he said, adding that the office will also beef up its corporate and tax practices
Heller negotiated a settlement to get out of the expensive lease, offering hope that the collapsed firm may now be able to avoid bankruptcy.
"Bankruptcy is not inevitable, and we have been in the process of negotiating with all our landlords, and we were pleased that we were able to make an agreement with the landlord in
Hayden said that although bankruptcy is "always an issue that looms in these situations," his firm is continuing to collect its receivables and pay off its secured debt and is hopeful that will continue.
"We are not interested in going into bankruptcy, and so we are going to try to avoid that," he said.
Orrick Herrington & Sutcliffe bankruptcy partner Frederick Holden commented: "That is a very good sign that they have settled with a landlord."
Heller has also relieved itself of leases on its tiny outposts in
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