The spin that Powell Goldstein chairman James McAlpin always wanted was finally released in today’s Fulton County Daily Report (subscription). The official announcement blurs the lines between a “merger” between Bryan Cave and PoGo and an acquisition of PoGo by Bryan Cave, but the report is largely positive:
“This is a transformational event for us,” said Powell Goldstein’s chairman, James J. McAlpin Jr. “It propels us into a different league.”
PoGo gives up its name in the deal and cedes leadership to the St. Louis firm. (The firm will be Bryan Cave-Powell Goldstein for two years in Atlanta and simply Bryan Cave elsewhere.) In return, PoGo’s lawyers gain an international and national platform that expands the depth and breadth of their practice groups–increasing the firm’s resources in areas such as intellectual property and broadening its core areas of banking, finance, real estate and litigation.
Getting swallowed up by a much larger firm and losing a 100-year old name certainly has all the bells and whistles of an acquisition, but partners on both sides characterize the deal as a “combination.”
Some Bryan Cave partners, like their partners-to-be from PoGo, prefer to characterize the deal as a combination, not an acquisition–even though their firm will absorb the smaller one.
“It’s a combination, not a slash-and-burn acquisition,” said Kenneth L. Henderson, the Bryan Cave partner who’s overseeing the integration. Henderson was a member of the 170-lawyer New York firm Robinson Silverman, Pearce, Aronsohn & Berman that Bryan Cave acquired six years ago in its last major acquisition.
Whatever it’s called, PoGo associates really only care about their future job security. More on that after the jump.
We reported earlier that Powell Goldstein is set to be acquired by Bryan Cave. We’ve been told to expect an official announcement from Bryan Cave on Monday.
PoGo has still not directly responded to ATL about the rumors that a number of associates, staff, and partners could be on their way out of the door. But we understand that they have sent around an internal email addressing some concerns in light of the merger information. A tipster tells us that the email offered the following clarifications:
1) Everyone has a job. This is a specific term of the deal.
2) BC wants to expand the Atlanta office. …
3) We have no problems at all with our finances. Credit is strong, bank relationships are strong, etc.
We have not gotten our hands on the merger agreement between PoGo and Bryan Cave. But the “promise” that every job is secured is encouraging. The email does not speak to our previous reporting that PoGo’s banks threatened to pull their credit line if a merger was not reached. But regardless of what could have happened, the firm’s contention that they are in a strong financial position is certainly worth noting.
Heller Ehrman and Thelen dissolved after big time mergers fell through. While our readers have been speculating on the next capitulation to the financial crisis, it seems that Powell Goldstein has narrowly avoided a full scale dissolution thanks to Bryan Cave. A tipster reports:
Powell Goldstein, which has been an prominent firm in Atlanta since 1909, will no longer exist next week. PoGo partners voted last week to approve an acquisition by Bryan Cave, and BC will announce the acquisition on Monday.
Bryan Cave did not return multiple calls requesting comment on the story. Meanwhile, a PoGo spokesperson said “I have nothing to report” when asked about the acquisition.
As we understand it, the union between Bryan Cave and PoGo is not a “merger” so much as it is a buy-out. Additional tipsters have reported that nobody from PoGo — not staff, not associates, not even partners — is safe. Equity partners could be let go early next week.
The day that many of you have been waiting for has arrived. Today ATL goes to ATL: the fair city of Atlanta!
Based on NALP forms and priornewsarticles, it seems that starting salaries in the Big Peach generally range from $130,000 and $145,000 (similar to Philadelphia).
At $130K: Alston & Bird; Arnall Golden Gregory; King & Spalding; Kilpatrick Stockton; McKenna Long & Aldridge; Morris, Manning & Martin; Paul Hastings; Powell Goldstein; Smith Gambrell & Russell; Sutherland Asbill & Brennan; Troutman Sanders; Womble Carlyle.
At $135K: Jones Day
At $145K.: Dow Lohnes; Hunton & Williams; McGuireWoods; Schiff Hardin.
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: email@example.com.
It’s that time of year again when JDs are starting to apply for 2L summer jobs and 2L summers are deciding which practice area to focus on.
For those JDs with an interest in potentially lateraling to or transferring to Asia in the future, please feel free to reach out to Kinney for advice on firm choices, interviewing and practice choices, relating to future marketability in Asia, or for a general discussion on your particular Asia markets of interest. This is of course a free of cost service for those who some years in the future may be our future industry contacts or perhaps even clients.
For some years now Kinney’s Asia head, Evan Jowers, has been formally advising Harvard Law students with such questions, as the Asia expert in Harvard Law’s “Ask The Experts Market Program” each summer and fall, with podcasts and scheduled phone calls. This has been an enjoyable and productive experience for all involved.
Whether you’re fresh off the bar exam or hitting your stride after hanging a shingle a few years ago, one thing’s for certain: independent attorneys who start a solo or small-law practice live with a certain amount of stress.
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