Potentially landscape-altering deals don’t come along every day, and a deal that would merge a 1,000-lawyer firm with a 700-lawyer firm would be exactly that. And it’s not just headcount — the marriage of these two firms would have placed the joint entity at No. 9 in revenue for 2012.
But just because two firms are talking merger doesn’t mean it’ll happen. We’ve been let down before.
Indeed, we’ve been let down by one of these firms before. Way back in February, we reported that Pillsbury Winthrop was talking with Fulbright & Jaworski about a merger. Nothing ever came of that, but members of the management at Pillsbury are still on the prowl for a big, strong firm to sweep them off their feet. It’s all very romantic.
And now they just might have found the partner they’ve been looking for….
* Trouble in paradise, so soon? The proposed merger between Dentons and McKenna Long & Aldridge has been delayed. McKenna has postponed its partnership vote, and Dentons says no partnership vote was ever planned. [Daily Report]
* Wherein a firm fails to Latham an ex-employee’s baby mama drama: a legal secretary who was allegedly told her pregnancy complications “were not [the director of HR's] problem” will see her case against L&W move forward. [Blog of Legal Times]
* You know that relations have grown bitter between opposing counsel when attorneys from one firm refer to lawyers from the other as “Monday Morning Quarterbacks.” The legal fee dispute in the BARBRI antitrust case rages on at the Ninth Circuit. [National Law Journal]
* Paging ProudCooleyGrad: Kurzon Strauss, the firm that sued Cooley Law over its allegedly deceptive job stats, is trying to get records unsealed in the school’s defamation case that’s now on appeal. [MLive.com]
* Convicted murderer and jailhouse hottie Jodi Arias is accepting donations for her appeals fund. It could be worth your while — if you donate enough, maybe she’ll consider turning you into her next victim. [HLN TV]
Last month we wrote about a Biglaw firm that’s in big trouble. The firm in question: Dow Lohnes, a former Am Law 200 firm that has been hemorrhaging lawyers and clients (and lost two more partners last week, to Venable). In our story about Dow Lohnes, we noted that “[i]t seems possible that the firm could merge out of existence — if it’s lucky enough to find a partner.”
Fortunately for the remaining lawyers and staff at Dow Lohnes, the sinking ship has located some lifeboats. A larger and stronger firm, a member of the Am Law 50 and Vault 100, will be picking up many (but not all) of Dow Lohnes’s lawyers.
Who’s the white knight riding to the rescue of Dow Lohnes?
Why go big when you can supersize? As has been reported recently, one of Biglaw’s most aggressive firms in terms of growth, Dentons (née Sonnenschein Nath & Rosenthal and some foreign counterparts cobbled together just a few years ago), is now in serious discussions about a combination with McKenna Long & Aldridge. Both firms are products of recent tie-ups themselves, and the combined firm should the transaction go through will be instantly one of the world’s largest, at least in terms of number of lawyers. Welcome to the age of the global Megalaw franchise, in which a firm can raise its profile by connecting with other firms in the interest of getting bigger, all the while creating a new global brand in the process. Dentons is sure giving it a try.
It is actually unfair to say that Dentons is the Biglaw equivalent of McDonald’s, or even Burger King. Biglaw brands of that stature would be Baker & McKenzie or even DLA Piper, and not only because they are bigger….
* “There are no magic bullets here.” Caught in a “trilemma,” President Obama is up against the wall and is running out of options. He soon might be forced to choose the least unconstitutional solution to the nation’s problems. [Bloomberg]
* During the government shutdown, it certainly wouldn’t be worth it for furloughed employees to hire lawyers to fight their “essential” versus “non-essential” determinations — please, like they’ll be able to afford legal representation right now. [National Law Journal]
* It seems some partners at both Dentons and McKenna Long & Aldridge aren’t fans of a possible tie-up, so they’re heading for the hills as fast as they can. Perhaps it simply wasn’t meant to be? [Am Law Daily]
* It’s time for our favorite show, As the Weil Turns! Partners from various offices are departing for other Biglaw firms, and we can now confirm that Steven Peck is a new face at Proskauer. [Law360 (sub. req.)]
* We told you last week that Matthew Martens of Fabulous Fab fame would be leaving the SEC, but now we know where he’s landing. Congrats on your new home at WilmerHale. [WSJ Law Blog (sub. req.)]
* Ohio is the latest state to offer “hazy” abortion restrictions that skirt the very edge of Supreme Court jurisprudence in order to make women feel guilty about their own right to choose. [New York Times]
* “Without makeup she looks like the Joker in Batman.” Joan Rivers is locked in a $15 million condo catfight with a Canadian socialite who isn’t afraid to pull punches. Meow! [New York Daily News]
* Say what you will about Justice Scalia, but the man is hilarious — more funny than his four liberal colleagues combined, according to a statistical analysis of oral argument recordings. [New York Times]
* According to Altman Weil, law firm merger mania is on pace for record highs as firms desperately attempt to stave off financial problems by gobbling up smaller firms’ clients. [Am Law Daily]
* The NCAA better watch its back: Jeffrey Kessler, the Winston & Strawn partner who helped bring free agency to the NFL, wants in on the potential case for unpaid college athletes. [Bloomberg]
* Lawyers doing regulatory work are very afraid that the shutdown will decimate their fourth quarter billables because “[t]he longer it goes, the more problematic it will be.” Yay government. [Reuters]
* GrayRobinson partner Philippe Devé is in need of a bone marrow transplant, and his firm is using its social media presence to crowdsource a donor. Will you lend a helping hand? [Daily Business Review]
* UpCounsel has successfully raised $1.5 million in funding to beef up its international patent practice, proving the point that it costs a pretty penny to protect clients from the world’s patent trolls. [TechCrunch]
* Law schools in New York State are feeling the pain of the drop in applications, and some are now willing admit that their graduates had to start “cannibalizing each other” in the job market. [New York Law Journal]
* But really, so what if applications are down? Lots of law schools consider themselves lucky to be keeping the lights on with the assistance of generous alumni donations in the millions. [National Law Journal]
* Another day, another “diploma mill.” Sorry to disappoint you, law students and alumni, but Charleston School of Law is moving forward with its plans to sell out to the InfiLaw System. [Post and Courier]
* Who’s bad? Not AEG Live. A jury made up of people unable to answer yes or no questions during the reading of the verdict found that the concert promoter wasn’t liable in Michael Jackson’s death. [CNN]
Use of the verein structure: all the Biglaw cool kids are doing it. Okay, well maybe not the coolest kids, at least if “cool” is tied to profits per partner and prestige. But there’s no doubt that the verein structure is spreading rapidly throughout Biglaw.
This is partly because firms that use the verein form are fond of combining with other firms. If the talks between Dentons and McKenna Long bear fruit, the resulting entity will surely be a verein, like Dentons and its constituent firms.
But does the verein structure present ethical problems for the firms that employ it? Two observers of the legal profession believe it does….
As noted in Morning Docket, McKenna Long is in talks to combine with Dentons. The talks started four to five months ago, got serious in the past month or so, and could result in a completed transaction by January 2014. News of the talks was first reported last night by Am Law Daily.
Would a Dentons/McKenna Long combination really be a “merger”? Let’s discuss….
* “The multimillion dollar question is: Is it going to happen and for how long?” Surprisingly, health care attorneys from large firms are being quite blasé about the Congressional battle over Obamacare. [Blog of Legal Times]
* The 2013 Global 100 is out, and with an 8.6 percent growth in revenue, DLA Piper was able to really show the world the benefits of churning that bill, baby! We’ll have more on this news later today. [American Lawyer]
* This is getting exhausting: Dentons, the three-way merger product of SNR Denton (a merger product itself), Salans, and Fraser Milner Casgrain, is in talks with McKenna Long & Aldridge for yet another merger. [Am Law Daily]
* The director of the Commodity Futures Trading Commission’s enforcement unit will be stepping down to spend time more with family. The countdown until he returns to Skadden Arps starts now. [DealBook / New York Times]
* Ted Olson and David Boies, perhaps more commonly known these days as the gay marriage dream team, will be working together to challenge Virginia’s ban on marriage equality. [National Law Journal]
* Should law school be two years long? Kyle McEntee of Law School Transparency (3 points) is beating the pants off Northwestern’s dean (-4 points) in this debate. [Debate Club / U.S. News & World Report]
* The Italian Court of Appeal is retrying Amanda Knox of a crime she’s already been convicted and acquitted of, and the chances she’ll be extradited if convicted again are slim to none. Buon lavoro. [CNN]
Ed. note: The Asia Chronicles column is authored by Kinney Recruiting. Kinney has made more placements of U.S. associates, counsels and partners in Asia than any other recruiting firm in each of the past seven years. You can reach them by email: firstname.lastname@example.org.
Things have changed recently in Korea – a few of our US and UK client firms are looking, very selectively, for a lateral US associate hire. Until just recently, there was not much hiring like this going on in Korea, since US and UK firms started opening offices there. We have already placed two US associates in Korea in the past month at top firms. Most of the hiring partners we work with in Korea do not actively work with other recruiters.
If you are a Korean fluent US associate in London, New York or another major US market, 2nd to 6th year, at a top 20 firm, with cap markets or M&A focus (or mix), or project finance background, and you are interested in lateraling to Korea to a top US or UK firm, please feel free to reach out to us at email@example.com or firstname.lastname@example.org. Our head of Asia, Evan Jowers, was just in Korea recently, and Evan and Robert Kinney will be in Korea in a few weeks. We are in the process of helping several firms open new offices in Korea (a number of which are interviewing our partner level candidates) and also helping existing offices there fill openings.
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