 The financial crisis of 2007-2008, and in particular the collapse of Bear Stearns (which had been the firm's largest client), significantly impacted the firm, leading to a breach of the firm's financing covenants and giving its lender, Citigroup, substantial control.The firm's offices in Mexico City and White Plains, New York decamped to Chadbourne & Parke and Greenberg Traurig respectively.The firm had merger talks at one point with King & Spalding, but these talks collapsed in December 2008.