Posted Oct 04, 2010 03:53 pm CDT
Talk of a new U.S. megafirm has bit the dust.
Just last week, Orrick Herrington & Sutcliffe confirmed that it was in preliminary merger talks with Akin Gump Strauss Hauer & Feld. Now Orrick and Akin Gump have jointly issued a statement saying the firms have decided to call the whole thing off, the Am Law Daily reports.
“Orrick and Akin Gump have mutually agreed to conclude preliminary discussions regarding the possibility of a merger,” says the statement, which was also provided to the ABA Journal. “The firms appreciated the opportunity to have the discussions, which confirmed their mutual respect for one another. However, the firms have determined not to proceed.”
The Am Law Daily introduces its story this way: “You can stop thinking of funny names for a combined Akin-Orrick firm.” The publication points out that Orrick has courted other firms in past merger talks, including Dewey Ballantine, only to have the discussions fall apart.
Updated at 11:03 a.m. to indicate that the statement was jointly released.