Biglaw merger mania is on the rise and some firms are thirsty for a dance partner. According to a report from Law.com, partners at Reed Smith recently got the memo that the firm is looking for a possible merger partner, should the opportunity arise.
During a partner conference earlier this year, partners walked away with the distinct impression that a merger could be in the firm’s future:
One London Reed Smith partner said they felt the firm was “trying to gear us up for a possible merger” at the firm’s partner conference held in Orlando earlier this year. The partner said that while nothing specific was discussed, partners were given “soft messaging” about opportunities.
But the firm’s official stance is more reserved, noting that they’re open to the possibility, but don’t have a specific target in mind. One firm executive, Tamara Box, who is the managing parter of Europe & Middle East, noted that the Houston, Miami, and New York were offices where the firm was particularly eager to add talent:
“Were the right merger partner to come along that happened to fill strategic needs, we would look at that,” Box said. “While we don’t have anything on the horizon presently, we are not afraid of those opportunities.
“We are still focused on strategic hiring in the U.S.—there are some places where we have skills gaps in our coverage or areas we want to continue growing,” she added, explaining that the firm’s Houston, Miami and New York bases are areas of priority for the firm “to add stellar talent in.”
Amid a hopping lateral and merger environment, it’ll be interesting to see exactly what Reed Smith winds up doing.
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Kathryn Rubino is a Senior Editor at Above the Law, and host of The Jabot podcast. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).