Such a merger could create a joint headcount of over 900 lawyers - with 600 coming from San Francisco-based Pillsbury and 345 from Manhattan-based Chadbourne. Revenue would be US$810m. The combined firm would be particularly strong in energy, builidng on Pillsbury's specialism in energy and natural resources and a Chadbourne client list that has included Duke Energy and Tanaska Power Fund. 

Flat demand growth

Don DiPietro, chair of the law firm lending team at Citi Private Bank, said: 'It’s not surprising, in an environment where demand growth has been flat or modest at best, to see various forms of consolidation on the rise.' Source: Bloomberg Business of Law