Nixon Peabody reportedly negotiating merger with Chicago's Ungaretti & Harris
Nixon Peabody is talking to midsize Chicago firm Ungaretti & Harris about a possible merger, Crain’s Chicago Business reported Wednesday.
The magazine relied on unidentified people familiar with the talks, who said the merger would be completed by early February if an agreement is reached.
Neither firm confirmed the report directly to the Am Law Daily (sub. req.), and officials from the firms did not return its calls. However, the firms did issue statements indicating that they’re willing to explore beneficial “strategies” or “growth opportunities.”
For Nixon Peabody, which Crain’s says lists more than 600 lawyers on its website, the merger would give it a bigger presence in Chicago. The Am Law Daily says Nixon Peabody currently has 22 lawyers in Chicago, formed at least in part by absorbing an intellectual property group from Jenkens & Gilchrist in 2007. It might also boost revenues, which the Am Law Daily says dipped 5.6 percent in 2013.
For Ungaretti & Harris, the benefits might include a financial boost. Three former partners at the firm, speaking to the Am Law Daily anonymously, said the firm’s revenues have fallen recently, and an American Lawyer analysis suggests lawyers have been leaving. Crain’s says Ungaretti & Harris has sued businessman and political activist Ron Gidwitz for allegedly failing to pay $6.4 million in fees; Gidwitz in turn sued the firm for allegedly overcharging. Gidwitz is represented by a former Ungaretti & Harris lawyer.
Nixon Peabody has attempted two mergers in recent years, with Blank Rome and Locke Lord, without success, the Am Law Daily reported.
