According to a Reuters report, Research in Motion has hired law firm Milbank, Tweed, Hadley & McCloy LLP to work out a restructuring deal that could include selling assets, seeking joint ventures or licensing patents.

The report claims that RIM was “very far down the road” in discussions with carriers to implement Jim Balsillie’s plan of enabling RIM’s network services on low end smartphones which could have added as much as $4 billion in revenue.

The rumors that RIM was on the verge of hiring a financial advisor may have been a bit premature.

A number of investment banks have approached RIM over the past several months, vying for a role as financial adviser. But for now, RIM is not expected to hire a banker unless it decides to sell off a major asset or if the company receives takeover interest from an industry competitor.

In a addition to hiring Milbank, Tweed, Hadley & McCloy LLP, RIM has also retained law firm Skadden, Arps, Slate, Meagher & Flom LLP and the consulting firm Monitor Group for strategic advice.

[Via Reuters]