Law Firm Merger Mania: Thacher Proffitt + King & Spalding?
This is just a rumor, so take it with a grain — nay, a shaker — of salt. But we hear that Thacher Proffitt & Wood — which has been badly bloodied by the mortgage meltdown and Wall Street crisis, and has gone through multiple rounds of layoffs — is in “serious” merger discussions with King & Spalding.
The idea that TPW might be seeking a white knight shouldn’t be that surprising. Back in July, Thacher’s managing partner, Paul Tvetenstrand, had to deny rumors that the firm was headed for dissolution.
In his email, Tvetenstrand acknowledged that “[l]ike many firms in this unusual market we have had to take steps to adjust to the credit crisis.” One such step, of course, is to take refuge in the arms of someone who’s weathering the storm better. See, e.g., Merrill Lynch / Bank of America.
We reached out to both firms for comment. TPW didn’t get back to us. Kimberly Brooks, public relations manager of King & Spalding, had this comment:
It is our responsibility as a law firm to offer clients the highest level of service possible. As such, King & Spalding regularly explores opportunities that might provide for additional expertise and accessibility.As a matter of policy, we do not comment on rumors in the market.
So they won’t comment on “rumors in the market” — but maybe some of you would like to? If you have additional insight into this rumor — it’s true, it’s false, it’s somewhere in between — feel free to email us. Thanks.
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Firsttty!
SECONNNd
true or false:
TTT + TTT = TTTTTT
FOURTTH? 4TTTH
King & Spalding Wood
K&S's New York office is around 100 lawyers. This would double their NYC presence.
King Wood?
Guys in my high school used to try to double their NYC presence all the time. It was no big deel.
Atlanta firms seem to be doing well these days, expanding into bigger cities, etc. Didn't Alston & Bird just acquire some L.A. firm?
3:59 - Yes. A&B swallowed Weston Benshoof:
http://abovethelaw.com/2008/07/alston_bird_weston_benshoof.php
Yes, A&B merged w/ CA firm Weston Benshoof Rochefort Rubalcava & MacCuish LLP and its 83 attorneys.
you suck mysTTTal. horrible post.
This is a Lat post.
All the prime practices have left TPW already. What is left to acquire?
Not sure why K&S would want to pick up trash like Thatcher. You can spray paint a turd, but it is still a turd.
Can you put that turd inside a Subway sandwich and leave it in the law school refrigerator?
Has Heller announced it is going to dissolve? or isthat just baseless gossip i heard?
Would love to see the details of this deal if it goes through. No firm's partners are cheaper / more protective of their profits than those at K&S, so I doubt they'd be willing to 'rescue' anybody. They are also very prestige conscious, though, so they may do it to build themselves up in NYC.
But now it'll be K&S's turd, which smells a little sweeter.
Yes, I have heard that Heller is dissolving this week.
Yes, I have heard that Heller is dissolving this week.
Yes, I have heard that Heller is dissolving this week.
Just want to point out that Congress is considering legislation that, in its current form, would make Hank Paulson more powerful than two of the three branches of government. And you have seen fit to devote exactly one bullet point in the Morning Docket to this development. Lat, find someone who can blog about that with some level of intelligence. Or get Equity Private from Dealbreaker over here, she seems to know what she's talking about.
Actually it would make the Treasury Secy powerful, not necessarily Paulson who serves at the pleasure of the President and whose tenure may likely be up on jan 20 if Obama gets his way. Not to worry though, Obama will tap Frank Raines as the new Tresury Secy (he of the Fannie mae accounting scandal fame).
Finally, a post worth reading. Ellie's posts suck.
K&S sucks almost as much as Mystal. Southern rubes trying to make it in the big city. Stay down in the dirty souf you stupid rubes and leave the real laywerin to us big boys.
tadge choadely
A&B swallowed? i say bullshit.
wait, #20-22, what's going on with heller this week?
King Proffitt it ain't.
shrewd move. once mdbs, cmbs and abs start trading again, they'll need the tpw paper pushers to sift through where the bodies are buried.
note: tpw survived 9/11 but apparently couldn't srvive this. that should give you all a hint as to the magnitude of the current state of the financial markets, if you weren't already fully aware (i.e. all you know nothing law students).
K&S's white collar practice defected to TPW, now they're going to be sucked back in. There's no escaping the hole that is K&S.
K&S would never, ever change their name. nor will they ever retire the mandatory cheesedick bowties that they require their male associates to wear at client meetings.
New name: King Wood
Domain name already taken.
Is K&S still business attire? Kast I checked they were the only one left that hasn't gone casual.
23 - what's wrong with that? paulson is a master of the universe
Lol, they were still business attire when I interviewed there last fall. I used that as a good excuse to decline my offer.
35- yeah but he's not master of his domain
28 - I said they are dissolving.
28 - I said they are dissolving.
Dumb southern mouth breathers. Don't you know you are dumb?
Regards,
People from the north.
ps: Isn't Spalding the retarded nephew from Caddyshack?
38-39, do clients/coworkers make fun of you for your stuttering problem?
su su su southern re re r re ruh re ree retar retardssss
Can we please get a new/less-creepy merger image?
TPW throws the best parties. Ain't no party like a TPW party! Except a Crunk A$$ Atlanta party.
TPW throws the best parties. Ain't no party like a TPW party! Except a Crunk A$$ Atlanta party.
TPW throws the best parties. Ain't no party like a TPW party! Except a Crunk A$$ Atlanta party.
WHAT ABOUT POGO? DAMN YOU PEOPLE
Has anyone actually heard anything about whether or not there's some truth to the rumor?
35 - I'm okay with Paulson. I'm more worried about whatever yahoo a future president would appoint.
this would be a great move for k&s
a terrible move for TPW
k&s has a well-deserved reputation for screwing over laterals by first figuring out if they can steal their clients - then hiring them to take them
on the other hand, k&s has at least one lesbian hiring partner that, in the past, has allegedly had sex with clients. if TPW can come up with a lesbian who is willing the consumate the merger - this is a done deal
50 -- there are few people as shitty as you, I suspect
31 -- get your facts straight; K&S's white collar practice never defected to TPW
as for the rest of you New York snobs, bug off. An Atlanta firm that earns PPP of $1.5M, which must be like $3M in New York. Sounds like a pretty damn good life to me.
How about covering the layoffs at Freshfields and DLA Piper?
King & Wood is the largest law firm in China, so please check your facts before posting idiotic domain name rumors.
The rumor that the firms are in talks is true (but who knows if it will work out in the end).
K&S has been looking to enhance its real estate practice with a first-rate finance/capital markets team. TPW's structured finance talent, which is sitting on its hands with the collapse of the MBS market, would transition nicely into jumbo commercial real estate and project finance.
TPW has a worthwhile banking regulation practice in DC with significant ties to the Fed, the OCC, the FDIC and the OTS.
TPW's NYC offices are also a nice plum (probably the best of any firm in the City). As it happens, K&S and TPW are in the same buildling (1800 Pennsylvania Avenue) in DC.
TPW head of litigation was an assoicate at k&s about 10 years ago.
52 TPW did get 1 white collar crime partner and 3 associates from KS in 2007. I doubt, however, that was KS's entire white collar crime practice. Wonder how this partner feels about "going back" to KS? Wonder why he left KS to begin with?
Any more news on this?