Law Firm Merger Mania: Mid-Size Mergers in the South and Midwest
We’ve been caught up in bonus announcements and coverage of that-which-must-not-be-named, so we’ve neglected to mention that a bunch of firms have gotten hitched in the last month.
Since there are so many, we’re giving it to you LEWW-style:
1. Greenebaum Doll & McDonald (Louisville) and Ice Miller (Indianapolis)2. Bradley Arant Rose & White (Birmingham) and Boult, Cummings, Conners & Berry (Nashville)
3. Frost Brown Todd (Louisville/Cincinnati) and Locke Reynolds (Indianapolis)
We have two Louisville-Indianapolis pairings. The result of the Green Ice pairing is a merged firm of 443 attorneys, while Frosty Locke will have about 450 attorneys. Bradley Arant Boult Cummings will be comprised of 350 attorneys, mainly in Bible Belt offices.
We reported last week on the latest feast in the K&L Gates merger feeding frenzy, joining forces with Chicago’s Bell Boyd & Lloyd, and taking its numbers up to 2,000 lawyers in 30 offices.
Lateral Link survey guru Justin Bernold provides some recession merger insight:
Ah, the recession merger. No matter the industry, here’s the method:Step one: Discover that one rock doesn’t float.
Step two: Tie it to another rock.
Step three: Fire the employees if it doesn’t float.
Adding, “If Cravath merges with SullCrom, those rocks are gonna float. On big bags of money.”
Report says Greenebaum plans merger with Indianapolis firm [Business First]
Indianapolis-based law firm Ice Miller’s merger follows national trend [Indiana Economic Digest]
Bradley Arant and Boult, Cummings to merge [Charlotte Business Journal]
Locke Reynolds: new name, clout [Indianapolis Star]
K&L Gates, Bell Boyd Consider Merger [American Lawyer]
Earlier: Law Firm Merger Mania: K&L Gates In Talks To Acquire Bell Boyd
(93) Comments
Comments
skaddenDC
Ice Miller should have merged with Frost Brown Todd to form Ice & Frost
CRAVATH, WICKERSHAM & TAFT
Nashville BIGLAW Update please!
How will this affect bonuses on DEMONBREUN!?!
Thanks for acknowledging that your reporting stinks.
Also, do you really think it's wise to slam the subject firms by saying they're located in the Bible Belt, if you really want any inside information on them? Does everything have to be political with you?
frosty locke? seriously?
Whats an Ice Miller? Is it a delicious brewski?
FIRST to say that the south and midwest are festering TTTs in decline
5 - They are in the Bible Belt. It's not a slam. It's a geographic designation.
Who cares about the creation of more TTTs?
Oh, that's right, the big boys at the v10. We need more people to wipe our asses.
5 - Would you prefer Rust Belt? Or any of the other possible names that can be applied to the TTTness of the south?
Frosty Locke is Goldy Locke's cousin with highlights
who cares about the south or midwest.
9- 5 here. Seems like an undefined and pejorative term used mainly by coastal folks. Just seems like the wrong word to use when describing the office locations of a sizeable law firm.
And, before you jump down my throat, I'm from the east coast and have never heard of these firms before. It just seems like a thing that only Elie would write.
Theory of Law Firm Relativity:
Elite is not equal to TTT Squared.
Shut the f*ck up, 5. The bible belt is full of poor fat people who should follow Obama's lead and spend more time in the gym and less in church Nobody cares about offending you because you don't matter.
11 - check your geography as to the "rust belt," it is nowhere near the south
11 - check your geography as to the "rust belt," it is nowhere near the south
11 - check your geography as to the "rust belt," it is nowhere near the south
who cares about the obese midwest.
Ummm, Kash wrote this post.
In the land of the morbidly obese, Wes Craven is king
20, great comment, because the rest of the U.S. is known as a bastion of healthiness, except for that mid-west that keeps weighing us down.
I think 11 just made 5's point.
8 - The Midwest is in decline I guess, but not really the South. Atlanta and parts of North CArloina are booming from what I have heard.
- Northeasterner.
http://www.cdc.gov/nccdphp/dnpa/obesity/trend/maps/
As of 2007, the fattest states are: Alamama, Mississippi, and Tennessee.
Colorado is the thinnest. The Midwest isn't particularly terrible.
Why don't we argue about geographic superiority/inferiority. You are all retarded.
I *knew* 99% of the comments on this post would be something like "who cares about these TTT firms I've never heard of" and "Lousiville/Cincinnati/Brimingham/Indinapolis/Nashville are dumb cities in crappy parts of the country filled with fat people and I would never live there."
Ice Miller. Stat. And keep 'em coming.
Guys in my highschool used to drink Miller Ice all the time. It was no big deal.
Classy, 16. Classy.
It won't be Frost Locke, though that would be better. The firm will be Frost Brown, ditching the Locke Reynolds name entirely. No word yet on what Ice Miller plans on doing, but they are the bigger, more established firm.
31-
'twas.
-16
Will Bradley Boult or Frosty Locke associates be the worst dressed guests at the CMA this year?
Who will snag more hotness at Tin Roof?
Will Bass Berry Simms finally be forced to hire Jews to compete with these "mega mergers"?
Nashvegas, TTTN lawyers- your insight is needed!
For the record, and for those of you trashing these locations, you get paid six figures, which makes you live like a king as an associate in these regions, without putting up with total dickheads at the office. There are benefits to not living and working in NYC, you know.
Ice Miller has been circling the drain since at least late summer, when they no-offered most of their summer class of 20 or so. They've long styled themselves, incorrectly, as the top firm in Indy and it looks like it has finally caught up. The merger story broke last week, BTW.
Too bad about Locke, though. Good firm.
I was leaning towards TN, but Indy sure looks strong as the HQ location for my nascent TTT empire after reading this story (and Bush's budget director is their governor-- double TTT zing).
http://www.theindychannel.com/news/18226101/detail.html
I was leaning towards TN, but Indy sure looks strong as the HQ location for my nascent TTT empire after reading this story (and Bush's budget director is their governor-- double TTT zing).
http://www.theindychannel.com/news/18226101/detail.html
I was leaning towards TN, but Indy sure looks strong as the HQ location for my nascent TTT empire after reading this story (and Bush's budget director is their governor-- double TTT zing).
http://www.theindychannel.com/news/18226101/detail.html
I was leaning towards TN, but Indy sure looks strong as the HQ location for my nascent TTT empire after reading this story (and Bush's budget director is their governor-- double TTT zing).
http://www.theindychannel.com/news/18226101/detail.html
37-39,
I was leaning toward calling you a jackass but then you went and demonstrated as much by not being able to post a comment on a blog correctly.
Oh well - you're a jackass.
37-39 - you're not funny and please post only once.
Not to mention, 35, market billable is 1850 in Indy.
Whats an Indy? Is it the opposite of an Outy?
Mooreclops decrees the South to be fat, ugly and poor. Texas is wealthier, but still fat, ugly and more than likely covered in fecal matter.
Mooreclops
37-39 - you're not funny and please post only once.
37-39 - you're not funny and please post only once.
37-39 - you're not funny and please post only once.
Wow, 46, you're pretty clever.
Cut & paste as you see fit.
This just in: TTT merges with TTT to form TTTTTT
Why do fat people always end up being stupid and/or ugly and living in the South? Its weird.
35 - actually, at least at Bradley, you're guaranteed to work with dickheads. the partners there have also had to pay in through capital contributions at least once this year alone. they merged with Boult because they were both in trouble. how it's going to help either, I have no f-ing clue.
36: who, then, is the best firm in Indy?
51 -- if you've never seen a mustachioed Maria big enough to play defensive tackle for the Jets, you haven't been in the Northeast very long.
There must be out of work CDO bankers orchestrating all these law firm mergers.
(TTT ^ 2) * SQRT(2 * Pi) - (Layoffs)^10 = PPP
53: Among the hometown firms, probably Barnes but Baker & Daniels is better too. Taft (formerly Sommer Barnard) pays the most, though.
36
What's the firm "pecking order" in Nashville these days? I'll hazard a guess, but I'm not sure how close I am...
Bass Berry
Waller Lansden
Boult Cummings
Baker Donelson
Something like that?
To whoever said that you can live like a king in Louisville/Indy - we aren't on the 160K scale (upper 90s in Louisville, 110s in Indy). I guess that's what happens when you go to a TTT...
-Toileteer
28: That's because half the dickheads on this blog are prestige whores who nobody in these cities would want to work with anyway.
57-
Is Waller truly that baller?
What about Stites(sp?) Harbison?
56- Baker Daniels isn't the best firm in town?
How does Bingham McHale stack up?
Hey 52, nice repeat of the false rumor about capital contributions. It's a lie, plain and simple. There are plenty of dickheads though.
60, I don't know. They're twice the size of Boult, though. Baker Donelson is the one I really had trouble with, since they aren't that big numbers-wise in Nashville, but they seem to have a finger in a lot of pots (for a variety of reasons, including that both Howard Baker and Lamar Alexander are/were associated with the firm).
Stites & Harbison isn't very large in Nashville at all. I think they have 40 or 50 attorneys-- about the same as their Lexington office.
-56
60: B & D could be, Barnes could be. They're both good firms and I think most people would put them a notch above Ice.
Bingham McHale is a good firm as well, but not in the top tier. For that matter, Ice is (was) an excellent firm, just not the alpha dog it always thought it was.
63, you might want to get updated info on Bingham McHale. It is in the tank, barely hanging on, and many people will tell you that.
58, a mid-level associate at one of the bigger Indy firms is pulling in $110k or more, and in Indianapolis, if you're single, that is serious bank. I know, I live there.
2: That is hilarious
Fair enough, 64. The last time I was paying attention to Bingham McHale it was apparent that they weren't nearly as good as their size indicated but not that they were in distress. I should have been less diplomatic in my post. Shows what I get for trying to break the TTT/prestige whore mentality.
The top-paying Indy firms now start new associates at $100K and up. Per most cost-of-living calculators that works out to more than $160K in Chicago or NYC. If you can live with the massive loss of prestige, it's a good tradeoff.
-56/63
Answer me this, 64 - is the 100K you're getting in Indy a good deal compared to 160K in CLT, Houston/Dallas, or Minneapolis? I understand it's great compared to NY/LA/Chicago, but what about these smaller markets?
Not being a dick - a legit question.
Ice, Baker and Barnes are interchangeable. Barnes may be on top by gaming PPP numbers a little. Other than that, prestige, money, etc. within the city/region are exactly the same (nobody outside of the city would know any of them). After Taft bought Sommer, Sommer started paying salaries slightly higher than market in the area but without any bonuses - it's a wash. Bingham is circling the drain, sadly. I know some good people over there.
Southerners in the Rust Belt are obese from all the earthquakes.
/s/
11
67 - not sure, I just know you can get a 4 bedroom, 4 bath home with a finished walk-out basement in a great 'hood and have a big yard for roughly $210,000.
Your 160K in CLT doesn't go too far once you're laid off
67, I've lived in both Charlotte and Nashville, and Charlotte is almost assuredly a better deal (even at, say, $130,000). Cost of living is similar except for the lack of a state income tax in Tennessee.
Blah blah blah Charlotte blah blah blah Indianapolis blah blah blah blah blah
You could not pay me enough to live in any of these Middle American places. Anybody with half an ounce of worldliness and sophistication would be utterly miserable there. The whole reason I'm going into BigLaw is so I can actually AFFORD to live where I want to live, not to be rich in some half-assed TTT town. Give me NYC, D.C., Chicago, SF, LA.
73 - having lived in both Indianapolis and New York (where I now reside/work), I can say this much -- you are an elitist P.O.S. The state of Indiana is not pleasant, but Indianapolis itself is a great city. Explain why it is, in your mind, a "half-assed TTT town." Try to say something constructive as opposed to what you think is humorous on a message board while you're at it. There are advantages and disadvantages to both places. Just because you prefer one over the other, does not make the other a hole in the ground. "The whole reason" you're "going into BigLaw" huh? That suggests you might be a law student. If so, you've got so much to learn about life in NY as a lawyer.
73, do you feel "worldly" and "sophistocated" in Chicago because there are a few more museums? What in God's name forms your opinions and beliefs? WOW. Ever been to Chicago, aside from a recruiting trip or an interview? It sucks.
75: a few more museums? you can't be serious.
74, 75--
Yes, yes, I've lived all over, including a stint in Dallas (which arguably has a lot more that Charlotte or Indy), and have also lived in Chicago (college) and New York for five years (worked three years before law school). It is my considered opinion that the cities I mentioned are much more exciting and interesting places to be and live (albeit much more expensive). That is just my opinion, and the only reason I felt the need to express it is that I am sick of people carrying on about what a better deal it is to be in Indianapolis. It's only a better deal if you can tolerate living there.
-73
75, I think the point was that a worldly and sophisticated person would have more cultural amenities, e.g., museums, to enjoy in Chicago than in Indianapolis- not that the fact that Chicago has more museums makes somebody more worldly.
73 -
I have also lived "all over" and find Indianapolis a nice place to live. Believe it or not, I even consider myself to have an ounce of worldliness AND sophistication! Someday you may find your priorities have changed and you will spend less time worrying about whether or not you live in a "cool" city.
You people are a little bit ridiculous... (Full disclosure: I grew up in Chicago but now live on the east coast. I travel to both Chicago and Indy regularly.) Chicago may have more attractions, but how often do most people visit the Art Institute or go to Ravinia? Not too often... (especially the Biglaw associates in the crowd) Chicago is an easy day trip from Indy, so all the attractions there are available to those living in Indy too.
The bottom line is this: Chicago has more to do. Indy is more livable. It's a wash. They're different, but one isn't better than the other. It just depends on what you're seeking in a city. Some people prefer San Francisco to L.A. Some prefer L.A. to San Francisco. Is one better than the other?
80-
"Some people prefer San Francisco to L.A. Some prefer L.A. to San Francisco. Is one better than the other?"
Yes. Nobody would ever claim that L.A. is better than San Francisco. In the immortal words of Goldfinger, "FUCK L.A.!"
68: "Other than that, prestige, money, etc. within the city/region are exactly the same (nobody outside of the city would know any of them)."
The funny thing is, outside the legal profession, most people haven't heard of most of the "prestigious" NYC/DC/Chicago firms. Mention the Vault 100 in a room full of non-lawyers and all you will get is a blank stare and silence.
Besides, it's all about the 3-0-5...
For what it's worth, Barnes in Indy is having problems as well: attorney layoffs and summer program cutbacks.
84 - you sure?
84 - You are incorrect about Barnes. I have heard about signifigant attorney layoffs at Baker, but there have been no unusual attorney layoffs at Barnes. The summer program in Chicago was eliminated, but only because Chicago is focusing on lateral hires. The 2009 Indy summer class will be a little smaller, but only because they took some huge classes the last two years and not as a result of any intentional cutbacks.
86 - Does Barnes consider laying people off for lack of work "usual"? I know this has happened. Your summer cutback explanation sounds reasonable, though.
It will be interesting, for those of us in flyover country, to see what happens with the Ice/Greenebaum and Frost/Locke mergers.
87 - no one has been laid off at Barnes for lack of work. I know of a couple of people that have been asked to leave in the past months and while the reasons are always vague, it certainly did not have anything to do with lack of work. Missing your hour targets does not mean there was a lack of work.
You're either fortunate enough to be in one of the right departments, out of the loop, or just want to give the "party line." Be careful or you may be next.
What about Bose McKinney & Evans?
Don't be fooled. KLGates is laying off staff and associates. Big cuts coming during 1st quarter of '09. Many unhappy employees. Partners leaving in Texas offices.
Those who've commented on layoffs and law firm staff issues for arge Indianapolis firms - can anyone talk on the record or point to someone who might? The Indiana Lawyer newspaper continues to pursue talk of mergers and layoffs, but the firm's spin it and downplay and no one is willing to say anything - other than cite vague rumors or blog posts.
Getting to the bottom of this and informing the legal community about it. Interested in 36, 56, 60, 68, 86, 87 posters particularly. Tipsters always help.
Those who've commented on layoffs and law firm staff issues for arge Indianapolis firms - can anyone talk on the record or point to someone who might? The Indiana Lawyer newspaper continues to pursue talk of mergers and layoffs, but the firms spin it and downplay and no one is willing to say anything - other than cite vague rumors or blog posts.
Getting to the bottom of this and informing the legal community about it. Interested in 36, 56, 60, 68, 86, 87 posters particularly. Tipsters always help.