Based in Chicago, Altheimer and Gray was one of the oldest law firms in the United States internationally recognized for its strong client base and powerful political connections. After almost a century of high-quality legal services especially in the area of mergers and acquisitions, the law firm closed down in 2003. The firm came into being in 1914 when four dynamic attorneys joined their hands in a strategic partnership. The lead partner was Benjamin J. Altheimer, whose father was the Arkansas planter, Joseph Altheimer, who founded the city of Altheimer in Arkansas with his brother Louis Altheimer. Altheimer and Gray progressed at a rapid pace taking advantage of the evolving economy and flourished for many years. In 2000, the firm was at its peak with not only multiple offices in key locations in the United States but a very influential international network. In fact, it was the first U.S. law firm to open an office in Poland. Besides Warsaw, Altheimer and Gray had offices in Shanghai, London, Istanbul, Bucharest, Prague, Bratislava, and Kiev.
With 300 attorneys providing exceptional legal services to local, regional, national, and international clients, the law firm of Altheimer and Gray was considered one of the most prestigious firms in the United States. Most of the partners of the firm had strong political backgrounds. For example, partner Jeremy Margolis had not only been the head of the Illinois State Police but had also worked as an advisor to George Ryan, the Governor of Illinois from 1999-2003. Although the firm was at a powerful position at the turn of the century, its fortunes changed suddenly. Its momentum slowed down and by the starting of the 21st century, it was in deep financial troubles. Finally, Altheimer and Gray filed for bankruptcy and dissolved in 2003. The attorneys including the partners and associates disbanded and joined other law firms.