BlackBerry maker Research In Motion has hired Wall Street law firm Milbank, Tweed, Hadley & McCloy to look after a restructuring plan which include selling assets, seeking joint ventures or licensing patents, people briefed on the matter said, reports Reuters.

The report says RIM posted a $125 million loss in its most recent quarter as it wrote down BlackBerry inventories and as part of the struggling Waterloo based smartphone maker’s strategic review, the RIM board is discussing ways to boost revenue from its new BlackBerry 10 operating system and possibly opening up its proprietary network, Reuters quoted sources as saying.

At one point, RIM was hoping to add as much as $4 billion in revenue from deals with major telecom carriers, sources said.

“This is a very mature strategy, and RIM was very far down the road with a lot of those discussions with carriers,” one of the sources told Reuters.

The restructuring efforts come as the Blackberry maker tries to stem customer losses to Apple Inc.’s iPhone and smartphones running Google Inc.’s Android software.