Business of Law
After a Vote, Merger of Luce Forward and McKenna Long Still Not a Done Deal
Posted Dec 19, 2011 12:46 PM CDT
By Debra Cassens Weiss
The law firms of Luce Forward Hamilton & Scripps and McKenna Long & Aldridge voted on a potential merger late last week, but there is still no official deal.
The Daily Journal (sub. req.) quotes Luce Forward spokesperson Jack Berkman, who says the deal has not yet closed. “We are still in negotiations” over some remaining issues, he said.
According to the Daily Journal, Luce Forward partners voted unanimously to approve the merger, but “the result of McKenna Long's vote remained unclear late Friday.” One unnamed source tells the Daily Journal that the merger plan calls for de-equitizing many Luce Forward partners or changing their status to prevent layoffs.
A Recorder story on the merger talks published in November says Luce Forward was expecting lower revenues this year because of the real estate downturn.