Amidst Reported Surge in Urge to Merge, Reed Smith and Thompson & Knight Disengage
Although law firm mergers were down significantly in 2010, compared to 2009 and 2008, an upswing at the end of the year suggests that the urge to merge may surge in 2011, an Altman Weil survey says.
Only 39 law firm engagements were announced in 2010, down from 53 in 2009 and 70 in 2008. But 15 of the 2010 wedding announcements came in the final quarter of the year, reports the Legal Intelligencer in an article reprinted in New York Lawyer (reg. req.).
Already, the 2011 wedding bells have begun ringing with the melding of Detroit-based Dickinson Wright and 25-lawyer Aylesworth firm in Toronto, notes the Am Law Daily.
One wedding that won’t take place, however, is a once-discussed merger of Reed Smith and Thompson & Knight. Still expressing admiration for each other in glowing terms, the two firms announced today that they have called off merger discussions before taking a partnership vote.
“Both firms are coming off record years in terms of profitability, but we cannot get all of the pieces in the right place now,” says Gregory Jordan, the global managing partner of Reed Smith, in a written statement provided to the ABA Journal.
“Reed Smith will continue to partner with Thompson & Knight on shared work,” he adds, “as we move ahead to pursue our firm’s strategic growth plans and serve our clients.”
Related coverage:
ABA Journal: “Merge-Mania: Firms Link Up to Cover More Ground”
ABAJournal.com: “Client Demand for Greater Global Presence Pushes More Law Firm Mergers”
Dallas Morning News: “Dallas, Nashville law firms merge on music”
