Washington firm in merger talks Orham Cam
Washington law firm Patton Boggs is in preliminary talks with Dallas law firm Locke Lord over a proposed merger. According to a report in the Baltimore Sun, the two have not yet committed to a merger but a memo has reportedly been circulated to partners in the firm.
Patton Boggs, which has one of the largest lobbying practices in Washington, has had a tumultuous year with around 100 lay-offs including partners. The firm has been reported as looking for a merger. It is being advised by legal consultancy Zeughauser Group. Wells Fargo, Deloitte and Pricewaterhouse Coopers are also involved, according to the article.
Locke Lord, which is known for its energy, litigation and insurance practices, has more than 600 lawyers and is the second oldest firm in Dallas. Outside the US, it has offices in London and Hong Kong. The American Lawyer reports its turnover as $428.5 million with profits per partner at $1.07 million.
Patton Boggs has around 450 lawyers in the US and the Middle East/North Africa,. The firm saw revenue per lawyer fall 5.1 per cent in 2012 to $655,000 whilst profits per partner fell 14.9 per cent to $736,000. Source: The Baltimore Sun/Reuters