RIM reportedly planning for major restructuring

Research in Motion is reportedly getting ready to make some major changes and it has begun its preparations by doing what many companies do in this situation; hire some lawyers. Reuters reports via unnamed sources that the makers of the Blackberry has hired the law firm of Milbank, Tweed, Hadley & McCloy LLP. The firm will reportedly work with RIM to create a restructuring plan for the company.

Some of the things the law firm might recommend to RIM include selling off some of its assets, along with the licensing of some of its patents. The firm might also suggest trying to have RIM partner up with some other companies.

The final resort for Canadian-based RIM would be selling off the company completely. A few weeks ago, Canadian Federal Finance Minister, Jim Flaherty, said his government wouldn't try to keep RIM from being acquired by a company based in another country.

RIM has seen its Blackberry smartphones lose lots of market share to the iPhone and various Android devices. Indeed, it's even looking like Windows Phone is now being promoted as a true viable third mobile operating system ahead of Blackberry. Verizon has given strong hints that the nation's largest wireless carrier might finally be ready to jump back into the Windows Phone business later this year.

If that happens, it's going to be bad news for RIM as it tries to launch the Blackberry 10 smartphone and OS in late 2012.

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