Law Firm Merger Mania: Two More Medium-Sized Mergers
This week brings more law firm merger news. These two deals are hardly earth-shattering, but they are noteworthy (and coincidentally both involve firms with "Sanders" somewhere in their name -- the Colonel would be proud).
One of them may create a new Am Law 100 firm, as noted today by the American Lawyer:
The recently merged Husch Blackwell Sanders has merged once again, this time with Chicago-based intellectual property litigation boutique Welsh & Katz, the firms announced Monday. If ranked today, the combined firm, now called Husch Blackwell Sanders Welsh & Katz, would place 88th on The American Lawyer's Am Law 100 list, according to their combined gross revenues.
Firm co-chair David Fenley says the gross revenue will "be a smidgen beyond $300 million" in 2008, which, if ranked today, would place it above Pepper Hamilton's current $297 million, the firm with the 88th-highest revenue in 2007, and below Littler Mendelson's $305 million, which placed 87th.
The shops sound well-matched:
Both their personalities and the firm cultures meshed, adds [managing partner A. Sidney] Katz. For one, neither firm maintains any debt. And both firms focus on attorneys' quality of life above profitability, he explains. Further, profits per partner at both firms are in the $600,000 to $700,000 range and Husch agreed to take on all of Welsh's 14 equity principals (the firm is organized as a corporation) as equity partners.
Ah, the elusive "quality of life." Our second featured merger, combining Troutman Sanders (Am Law #75) and Ross Dixon & Bell, led one tipster to express concern on that front:
It just seems a little alarming that all the mid-size and smaller firms are getting gobbled up. Makes me wonder if it's even possible to have a smaller "quality of life" firm (which is how Ross Dixon billed itself when it spun off from Hogan). (See also Kelley Drye buying out Collier Shannon Scott in DC).
From this morning's press release announcing the deal:
The law firms of Troutman Sanders LLP and Ross, Dixon & Bell, LLP announced today they will merge, creating a 750-attorney firm with national and international reach and unparalleled depth.
The merger, approved by the partnerships at both firms and effective Jan. 1, 2009, combines Troutman Sanders' multi-faceted corporate, finance, litigation, real estate and public policy practices with Ross, Dixon & Bell's exceptional insurance, professional liability and commercial litigation practices, among other synergies.... The merged firm will be named Troutman Sanders LLP and will remain headquartered in Atlanta. It will have about 1,700 employees.
More opinions on the Troutman Sanders / Ross Dixon combination, plus links to articles and press releases, below the fold.
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