Midwest Merger Makes Taft an Am Law 100 Contender
After a merger with Briggs and Morgan, Taft Stettinius & Hollister will have more than 600 attorneys and anticipates gross revenue that could push it into the Am Law 100.
August 30, 2019 at 12:57 PM
3 minute read
Midwestern-based Taft Stettinius & Hollister is set to merge with Minneapolis-based Briggs and Morgan to expand the firm's presence in the Twin Cities, the latter firm announced Friday.
The merger, which will be effective at the beginning of 2020, will push Taft Stettinius' attorney head count to 610 lawyers spread out among 12 offices. Briggs' office in Minneapolis, which has 130 attorneys, will become Taft Stettinius' largest location, and its managing partner, Steve Ryan, will remain in the city as the location's partner-in-charge.
Ryan said Briggs spent the last three years searching earnestly for the best way to grow the firm ahead of disruption in the market, and the merger with Taft Stettinius came after considering more than 30 firms across the country.
"We were lucky to find a partner who shared our views of the marketplace, shared a client base similar to ours, and had change in their DNA," he said, adding that Briggs and Taft Stettinius had been in merger talks for about 18 months. "There was not a question, once we dug in, that this was the right combination for where we wanted to go."
Robert Hicks, Taft Stettinius' managing partner, said the talent at Briggs made a combination with the Twin Cities firm desirable, as did the opportunity to break into the Minneapolis market, which various Am Law 200 firms have tried to enter in the last few years.
"We were in complete alignment in terms of client perspective, but, more importantly, from a human and cultural perspective," Hicks said. "[Briggs] has a deep sense of community, lots of talent, and they really fit our other markets and models completely."
Hicks said the two firms shared strengths in some similar practice areas, such as transactional work and litigation. He also complimented Briggs's expertise in the energy, data privacy, railroad litigation and business practice areas, which, in addition to other specialties, he was excited to bring to Taft Stettinius' wheelhouse.
"It just strengthens the bench," Hicks said.
Ryan agreed, noting that with Taft's decentralized business model, his team would gain access to a network of 12 offices, each equipped with a group of experts to lend a hand.
"These are good practice areas for us, and we'll be able to do them on a bigger scale," he said.
Hicks added that Taft Stettinius' decentralization gives it an advantage over its competitors. That business model calls for each of Taft Stettinius' offices to be a complete, full-service firm, rather than having each practice group's members clustered in one office.
Hicks estimated the merger will bring Taft Stettinius' gross revenue to "well north of $350 million," which would put the firm securely in the Am Law 200, and push it close to the Am Law 100 threshold.
Postmerger, the firm will be competitive with firms in the bottom 50 of the Am Law 100, Hicks said, and he specifically named Barnes & Thornburg and Faegre Baker Daniels as peer group members.
"To be able to bring the strength, depth and breadth of the existing Briggs platform plays forward better than anything else we could have done, in terms of our vision," Hicks said.
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