Biglaw Firms In Rumored Tie-Up Talks Refuse To Comment On Would-Be Merger

Is there a combination in the works here?

Has your firm experienced declining revenue and drops in headcount thanks to lateral departures? Did you have to take out a $5.3 million PPP loan during the pandemic? Were layoffs and salary cuts part of your coronavirus crisis survival plans? After a financially successful finish in 2020, are you looking ahead to the future but unsure about next steps? You may be experiencing the urge to merge.

This is reportedly what’s happening at Chicago-based Schiff Hardin, and the firm is supposedly in talks with D.C.-based Arent Fox, which has been larding itself up with lateral hires in recent weeks. The firms seem to be well matched in terms of finances: last year, Schiff had a revenue per lawyer of $827,000 and $1.07 million in profits per equity partner, while Arent had a revenue per lawyer of $866,000 and $1.11 million in profits per equity partner. But not so fast, matchmakers….

According to the American Lawyer, neither firm would confirm the tie-up talks.

“Schiff Hardin is committed to a vision of growth that best positions the firm to serve our clients’ needs. Our focus is on earning the trust of our clients every day and maintaining our culture of quality and professional excellence. To advance our goals, from time to time we evaluate potential strategic combinations to expand our service offerings to our clients, but we do not comment on rumor or speculation,” the Chicago firm said.

For its part, Arent Fox also said the firm doesn’t comment on specific rumors. The firm added in a statement: “We are always looking for opportunities to expand into high-growth markets in a way that responds to client demand while protecting Arent Fox’s collegiality and culture. Our priority is typically to focus on shared strengths in terms of industries and practices.”

Will they or won’t they? We suppose we’ll have to wait and see.

Schiff Hardin, Seeking Merger Partner, Eyes Arent Fox [American Lawyer]
Ahead of a Possible Merger, Arent Fox Bulks Up With Lateral Hires [American Lawyer]


Sponsored

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

Sponsored