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.

The Chairman's conference call after the jump.

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.

Putting together the rumors after the jump.

We continue to monitor deferred start dates for incoming associates at the nation's largest (i.e., Am Law 200) law firms. If you're aware of any such firm that has pushed back start dates for first-year associates and hasn't been mentioned in these pages before, please drop us a line (subject line: "Nationwide Start Date Watch").

The matter of start dates may seem trivial. But it's one way of figuring out which firms are struggling in the tough economic climate. Some firms have pushed start dates into 2009 in order to cut costs.

Last month we broke the news of layoffs at Powell Goldstein. Now we hear this, from a tipster:

Powell Goldstein in Atlanta just pushed back start dates for associates until January 5, 2009. To make matters worse, not all starting associates were pushed to January -- a few "favorites" are still starting on time in September. It seems that people are very upset at the way things are being handled, and really resent the preferential treatment. There is also a rumor that the associates will be paid $2,500 / month until they start work in January.

Yesterday we sought comment on this from James J. McAlpin, Jr., chairman of Powell Goldstein, who previously confirmed the layoff news for us. He has not gotten back to us as of the time of this posting. If he or anyone else from the firm does, we'll update the post accordingly.

If it's true that some PoGo associates have had their start dates pushed back while others have not, is it surprising? One ATL reader in ATL thinks not:

I have heard from my friends that PoGo, like King & Spalding, has an "all-star system" by which associates designated (informally) as "PoGo All-Stars" get preferential work assignments and projects. [So having] some people starting on time and some people being delayed.... doesn't strike me as being outside the realm of possibility. Short-sighted for sure, but who really knows what the thinking is at PoGo.

If you have more information about the Powell Goldstein start date situation, please email us. If we've made any errors or omitted anything material, we will revise this post as soon as we're notified of it (by email; anonymous comments don't have the same reliability and accountability). Thanks.

Earlier: Nationwide Layoff Watch: Powell Goldstein

Rumors of layoffs at Powell Goldstein have been swirling about for some time. But until now they've just been rumors.

This afternoon, James J. McAlpin, Jr., chairman of Powell Goldstein, confirmed the cuts for us. We emailed him and mentioned some of the numbers we've been hearing. He responded:

Although the reason for your interest in our internal business operations is a mystery to me, in an effort to prevent you from publishing a ridiculous number with respect to lay offs I can tell you the following.

As a result of the general economic situation and its effect on law firms, including our firm, we have needed to reduce operating expenses this year. This has included a reduction of staff across administrative departments and offices, and totaling less than 10% of our overall staff.

We have, unfortunately, also had to reduce our associate and counsel ranks in practice areas most affected by the current state of the economy. The number of associates and counsel involved in this action was less than 10. Jim McAlpin

We thank Mr. McAlpin for the information. As for the reason for our interest in law firms' internal business operations, well, it's kinda our job.

We continue to chronicle layoffs at the nation's major law firms. If you have information that hasn't been previously reported, please email us (subject line: "Nationwide Layoff Watch"). Thanks.

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 prior news articles, 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.

At $160K: Fish & Richardson (IP work).

Feel free to discuss associate compensation, or any other hot issues in Hotlanta, in the comments. Thanks.

New lawyers' pay puts public sector to shame [Atlanta Journal-Constitution]
Alston & Bird Raises First-Year Pay Yet Again [Fulton County Daily Report]
Hunton raises first-year salaries to $145,000 [Fulton County Daily Report]

Related: Open threads focused on Denver, Hartford, Philadelphia, Seattle, New Jersey, Phoenix, Charlotte.