Sedgwick announces it is closing in January
Sedgwick announced on Tuesday that it will close in early January after more than 80 years of operation. The law firm confirmed its plans in a statement, the American Lawyer reports.
The statement was released after Sedgwick informed its employees Tuesday morning, Above the Law reports in a story citing Law360 (sub. req.).
“We have concluded that the best way to allow our lawyers to continue providing great service to our clients is by ceasing operations and moving to other excellent law firms,” the statement said. “We are pleased that most of our lawyers and staff have opportunities with very fine firms.”
Many lawyers may be hired by the U.K.-based law firm Clyde & Co., according to two unnamed sources who spoke with the American Lawyer. Sedgwick reportedly had been discussing a merger with Clyde & Co. before talks broke down in the past month.
In the 2017 AmLaw200 published in May, Sedgwick reported income of $170.5 million and 274 lawyers. But the firm also has lost dozens of partners this year. The American Lawyer reported in June that Sedgwick has lost 20 percent of its revenue as a result of partner defections.
“While this news deeply saddens all of us, we are very proud and appreciative of all those who helped make Sedgwick the great firm it has been since 1933,” the statement said. “From the bottom of our hearts, we thank our clients, attorneys and staff for everything you have done for us for decades, and we wish anyone who has ever crossed paths with this wonderful law firm the best and brightest future.”