Law Firm Mergers

* “They aren’t required to hear it, but this is the major social issue of the day.” The Supreme Court will likely hear a gay marriage case soon, and it’ll obviously be a vehement 5-4 opinion. [NBC News]

* But is SCOTUS really so bitterly divided now? Here’s a fun fact: The justices agreed unanimously in 66 percent of this term’s cases, and the last time that happened was in 1940. [New York Times]

* A partner has left the luxuries of earning up to $4.8 million per year at Wachtell Lipton to start his own executive compensation boutique, which we understand is basically like seeing a unicorn. [Am Law Daily]

* The post-merger world at Squire Patton Boggs is similar to the pre-merger world in that partners are still being churned in and out of the firm every other day. Check out the latest ins and outs. [WSJ Law Blog]

* The Fourth of July is coming up, and you know you want to light up some fireworks. Sure, it’s illegal to sell them in your state, but here’s where you can travel to go to buy some to celebrate freedom. [Yahoo!]

Ed. note: This is the latest installment in a series of posts on lateral partner moves from Lateral Link’s team of expert contributors. Michael Allen is Managing Principal at Lateral Link, focusing exclusively on partner placements with Am Law 200 clients.

Alliteration aficionados are bemoaning the tongue-twisting fusion of Squire Sanders and Patton Boggs into Squire Patton Boggs. I prefer the feudal-esque Squire Boggs, but then again, I was not on the naming committee. Aside from this rebranding exercise, Squire Patton Boggs makes it clear that mergers (or acquisitions) are easier to execute in principal than reality.

Many of the firms in the Am Law 200 are the result of previous mergers including WilmerHale and DLA Piper. Most of these mergers were consummated before the recession, and since then, the parity between Am Law 200 firms has been dwindling.

The race for supremacy in the legal market has created a system with far less parity than before and consequently, a greater degree of difficulty for mergers. For example, the spread of Profits Per Partner in 2003 is right-skewed — and this will likely always be the case — but overall, there is little variance in spread of PPP in 2003 when compared to the spread in 2014…

double red triangle arrows Continue reading “Merging In The Post-Recession Market”

* “[T]hree names are unnecessary, and over time I think you’ll see Squire Patton start to take hold.” Sanders got the boot in this law firm merger, and it won’t be long before Boggs follows. [Am Law Daily]

* The “great female brain drain” at Am Law 200 firms isn’t slowing down, and it will only get better if Biglaw firms concentrate less on their failed “fix the women” approaches. [Harvard Business Review]

* Mary Jo White of the SEC promised to dust off an often ignored — but “potentially [] very powerful” — section of securities law to pursue financial violations. Be wary of the “innocent instrumentality” doctrine, defense attorneys. [DealBook / New York Times]

* We’ve got some breaking news for our readers from the “no sh*t” department: Law school graduates are still having a very tough time getting jobs as lawyers, and there is no real end in sight. [Sacramento Bee]

* If you’re looking for a way to explain a switch in your undergrad major when applying to law school, show admissions committees how pretty your grades are now. Tada! [Law Admissions Lowdown / U.S. News]


Usually Friday afternoon news dumps before holiday weekends are reserved for embarrassing news — a disgraced government official resigning to “spend more time with his family,” for example. But this latest news is happy rather than embarrassing (for the most part).

After a brief suspension of the voting, the partnership of Squire Sanders voted today to approve the proposed merger with troubled Patton Boggs. Not surprisingly, the Patton Boggs partnership had approved the merger days ago, on Monday. When a lifeboat pulls up, you don’t play hard to get.

So what’s the embarrassing part of this deal?

double red triangle arrows Continue reading “Say Hello To Squire Patton Boggs”

When we last checked in on Patton Boggs, the long-suffering law firm was on the brink of a bankruptcy breakthrough. Its partners, and the partners of Squire Sanders, were in the middle of voting on a merger that would save Patton Boggs.

Alas, sadly for Patton Boggs, Squire Sanders has suspended the merger vote. What happened? Did Squire come to its senses get second thoughts about that hideous proposed firm name, Squire Patton Boggs?

Actually, no; the issue is more substantial than that. Here’s a hint: Patton Boggs might have saved itself by June, if it weren’t for those meddling… Ecuadorian villagers!

(The vote is back on. Please note the multiple UPDATES at the end of this post.)

double red triangle arrows Continue reading “Squire Sanders Puts Patton Boggs Merger Vote On Hold”

* A DLA Piper partner was cleared by the firm in connection with a string of sexist emails exchanged with a client because real lads don’t get in trouble for such trifling behavior. We’ll have more on this later. [Am Law Daily]

* Patton Boggs partners started voting on the firm’s merger with Squire Sanders yesterday. Apparently there’s at least one partner who will not be allowed to join the new firm because of prior conduct. Sucks to be you, guy. [Reuters]

* “It’s the best way to prepare for a whole variety of things.” Right now is one of the best times to go to law school, say California law school deans who really need to get asses in empty seats. [Daily Transcript]

* “We are a better people than what these laws represent.” Pennsylvania’s ban on gay marriage was struck down yesterday, making it the 14th victory in a row for the marriage equality movement. [Bloomberg]

* Showtime just bought a law firm comedy about “four smartass, workaholic associates” in Biglaw trying to make partner and avoid being murdered by the office serial killer at the same time. Uh, yeah. [Deadline]

En garde, esquires of the Biglaw realm!

* Partners from Patton Boggs and Squire Sanders may vote on their merger sometime this week. Get ready to say hello to Squire Patton, House of Boggs, Hodorific of Its Name. [Reuters]

* “[E]xcuse me, sir, you may not be here in five years.” Biglaw firms are becoming more “egalitarian” about office space because attorneys have expiration dates. [National Law Journal]

* After a flat year in 2013, and much to Biglaw’s chagrin, “[i]t is going to be harder to sustain year-over-year profitability gains.” Oh joy, time to power up the layoff machine. [Philadelphia Inquirer]

* Tech giants Apple and Google have called a ceasefire in their dueling patent suits in a quest to reform patent law — and so Apple can concentrate all of its efforts on suing the sh*t out of Samsung. [Bloomberg]

* GM’s in-house legal department is being heavily scrutinized in the wake of the car maker’s ignition switch lawsuit extravaganza. You see, friends, people die when lawyers don’t even bother to lie. [New York Times]

* Donald Sterling found a lawyer willing to represent him, an antitrust maven who thinks the NBA should take its ball and go home because “no punishment was warranted” in his client’s case. [WSJ Law Blog]

On Monday, we heard rumors of momentous events at Patton Boggs, the troubled law and lobbying firm. One of the rumors was that the partnership was holding a meeting to vote on something major — although what exactly was not revealed.

We reached out to Patton Boggs, which shot down the rumors of a meeting, so we ended up not doing a story. But there may have been some truth to reports of exciting goings-on at the firm — developments that could help the firm in its struggle for survival.

The firm just removed the albatross of litigation with oil giant Chevron from around its neck. As you may recall, Chevron sued Patton Boggs for PB’s representation of plaintiffs in an Ecuadorian environmental case that Chevron alleged was nothing more than a shakedown — a view that Judge Lewis Kaplan (S.D.N.Y.) vindicated in March.

But escaping from the Chevron quagmire did not come cheap for Patton Boggs. How much did the firm have to cough up to make this case go away?

double red triangle arrows Continue reading “Patton Boggs Raises The White Flag In The Chevron Battle”

The arrival last week of the latest Am Law 100 rankings brought a hot-button subject back to the headlines: vereins.

As The Economist concisely explains, a verein is “a Swiss partnership that lets [law firms] maintain separate national or regional profit pools under a single brand.” For purposes of preparing its influential Am Law 100 rankings, the American Lawyer treats a verein as a single firm — a decision that some at non-verein firms object to.

Let’s hear some of the complaints — and then, interestingly enough, a defense of the vereins’ financial performance in 2013, which might have been better than Am Law suggested….

double red triangle arrows Continue reading “Are The Am Law 100 Rankings Unfair? Let’s Whine About Vereins”

Yes, today is one of those days: a day with multiple law firm layoff stories to report (not to mention rescinded offers).

This morning we brought you news of 20 support staffers losing their jobs and 10 offers getting rescinded. Now we share with you the story of a firm cutting almost 40 people.

Which firm just joined the nationwide layoff club?

double red triangle arrows Continue reading “Nationwide Layoff Watch: Not Everyone’s A Winner”

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