Photo: Shutterstock.comTroutman Sanders and Pepper Hamilton in Advanced Merger Discussions
The combined firm would have over 1,000 lawyers, nearly 300 equity partners and revenue topping $855 million.
November 13, 2019 at 01:56 PM
3 minute read
Atlanta-based Troutman Sanders is in merger talks with Philadelphia's Pepper Hamilton, both firms have confirmed.
"Troutman Sanders and Pepper Hamilton can confirm they have entered into discussions about a possible combination," a Troutman spokesperson said in an emailed statement Wednesday. "Our first priority is delivering exceptional legal services to our clients and as such, we will have no further comments at this time."
Pepper Hamilton tweeted the same statement at about 1:30 p.m. Wednesday.
According to data from ALM Intelligence, the combined firm would have over 1,000 lawyers and nearly 300 equity partners. Their combined revenue would be more than $855 million.
Troutman, which ranks at No. 68 in the Am Law 100 with 2018 revenue of $521.5 million, has about 650 lawyers in 12 U.S. offices, while Pepper Hamilton, which ranks at No. 105 on the Am Law 200, has about 450 lawyers in 14 offices and reported gross revenue of $334 million last year.
Both firms have large offices in New York and Washington, as well as several locations in California: Orange County for both firms, Los Angeles and Silicon Valley for Pepper Hamilton and San Diego and San Francisco for Troutman.
The last time Pepper Hamilton was engaged in merger talks that became public, the discussions were with Pittsburgh-born international firm Reed Smith.
"Ever since what happened with Reed Smith a couple years ago, I think we all knew after that that the firm would again look to merge," said one former Pepper Hamilton lawyer, who asked not to be named. But since the Reed Smith talks fell apart, any other merger discussions "have been like state secrets."
Sources said Pepper Hamilton has been working toward a merger for some time, focusing on strengthening its core practices while keeping other practices lean.
Troutman has also been considering mergers with other large U.S. firms. Last year the Atlanta-based firm entertained merger discussions with Dallas-based Winstead, but those talks broke off in July 2018 due to obstacles such as law firm billing rates and preferred client mix, according to Texas Lawyer.
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A 'Different Firm,' Pepper Hamilton Posts Declines in Revenue, Profits
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