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Graham & James’ future is looking bleak. Documents recently obtained by California Law Week and The Recorder reveal the firm is $22 million in debt to Union Bank of California. But the bank had better not count on repayment from a $30 million contingency fee secured recently by the L.A. office. Graham & James partners in L.A. will keep the money, leaving nothing to service the debt, according to a source, who added the bank could pull the plug on various loans to the firm when it realizes the $30 million is gone. Graham & James also quietly split with its 75-attorney Seattle office — a fact firm management has not announced. The firm has also discussed closing its Costa Mesa, Sacramento and London offices. Graham chairman Larry Blume says the firm is solid financially and disputes some of the former partners’ documented allegations.

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