The firm is expected to become one of the top five in the US, with revenues of some US$2b. Bingham McCutchen got into financial difficulties in 2012 when revenues fell 12.6 per cent. Its unusual compensation system is seen to have been part of the problem. Morgan Lewis is not giving out details of the deal which has yet to be agreed in detail. It is being seen at Morgan Lewis as a takeover of the other firm. But sources have said that a key part of the negotiation was getting agreement from 227 of the 300 plus partners at Bingham to stay on for several years. To encourage partners with strong business books to stay, the Philadephia-based Morgan Lewis has agreed to pick up some Bingham costs including office lease expenses. Source: The Inquirer
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