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Graham & James is on the verge of losing nearly all of its Palo Alto partners to the San Jose office of Minneapolis’ Oppenheimer Wolff & Donnelly.

Oppenheimer managing partner Claude Hamrick confirmed a deal was in the works to grab as many of the 12 partners as possible, but nothing has been signed. Graham & James has already lost six partners from Palo Alto since December, and the loss of the entire office — one of the firm’s most strategically important — would be disastrous. Unfortunately for Graham & James though, it is only one of the problems the firm seems to be facing.

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