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US Law Firms Troutman Pepper, Locke Lord in Talks to Merge
April 18, 2024
Source: Reuters
April 18 (Reuters) - U.S. law firms Troutman Pepper Hamilton Sanders and Locke Lord said on Thursday they are in talks to merge, in what would be the largest law firm combination to emerge so far this year.
Troutman Pepper and Locke Lord "can confirm they have entered into discussions about a possible combination," spokespeople for the two firms said in identical statements.
The firms said their priority is "delivering exceptional legal services to our clients" and declined further comment.
Troutman Pepper, the larger of the two firms, has more than 1,100 lawyers in 22 U.S. cities, according to its website. The firm was born from a 2020 merger between Atlanta-founded Troutman Sanders and Philadelphia-founded Pepper Hamilton.
Troutman Pepper generated about $1.08 billion in gross revenue in 2023, according to figures published by the American Lawyer.
Locke Lord brought in about $497.6 million in revenue last year, according to the American Lawyer's rankings. The firm has grown through a series of mergers over many years, most recently through a combination between Texas-based Locke Lord and Boston-based Edwards Wildman that was completed in 2015. Its website lists more than 500 lawyers in 20 locations globally.
There were 20 completed law firm combinations in the first quarter of 2024 compared to 16 in early 2023, according to Fairfax, which tracks mergers by effective date.
UK-founded Allen & Overy and New York-founded Shearman & Sterling are set to merge effective May 1. The deal, announced last year, is poised to create a law firm with more than 3,900 lawyers across 48 offices.
The number of law firm mergers in the first three months of 2024 was 25 percent higher than in the same time period in 2023, according to legal consultancy Fairfax Associates, which said the stepped-up activity is expected to continue through the year.
There were 20 completed law firm combinations in the first quarter of 2024 compared to 16 in early 2023, according to Fairfax, which tracks mergers by effective date.
UK-founded Allen & Overy and New York-founded Shearman & Sterling are set to merge effective May 1. The deal, announced last year, is poised to create a law firm with more than 3,900 lawyers across 48 offices.
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