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Chicago Law Firm Closes its Doors; Most of its Lawyers Join Dykema

Posted Jun 30, 2008, 09:00 am CST
By Debra Cassens Weiss

Sixty-lawyer banking law firm Schwartz Cooper is closing its doors, but most of its lawyers have found a new place to work.

Fifty-three of the firm’s lawyers will jump to Detroit-based Dykema, the Chicago Tribune reports.

Derek Cottier, a member of Schwartz Cooper's management committee, told the Tribune that banking industry consolidation made it difficult for the firm to grow. One of its biggest clients, LaSalle Bank, was acquired last year by Bank of America.

The story says the buyout raised uncertainty about the firm’s future, but Cottier told the newspaper the firm had maintained ties to Bank of America.

Dykema will have almost 130 lawyers in Chicago after it acquires the new lawyers, and more than 450 lawyers nationwide, according to a press release.

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