A Law Firm Merger Blooms in the Northeast—But Don't Expect a Thaw
Deals like the tie-up between Duane Morris and Satterlee Stephens have been few and far between in the Northeastern megalopolis.
January 17, 2020 at 03:34 PM
3 minute read
Photo: Shutterstock
The upcoming merger of Duane Morris with Satterlee Stephens is the first major intra-regional combination involving northeastern U.S. law firms with at least 50 lawyers in about two years.
The last time the region saw merger of this magnitude was in 2018, when the Washington-based law firms of Venable and Arent Fox merged with Fitzpatrick Cella Harper & Scinto of New York and Posternak Blankstein & Lund of Boston, respectively, according to data collected by consultancy Altman Weil.
Similar to Duane Morris and Satterlee Stephens—an 800-lawyer Philadelphia firm merging with a 65-lawyer New York firm—the Venable-Fitzpatrick and Arent Fox-Posternak deals involved 400-plus lawyer firms scooping up firms that had at least 50 lawyers at the time.
Last year did see Dentons announcing that, as a part of its strategy to become what it calls the first national law firm in the U.S., it was combining with Pittsburgh-based Cohen & Grigsby. But while Altman Weil lists Dentons as a New York-based firm, the majority of its lawyers are located overseas, and Pittsburgh is as much Midwestern as Northeastern.
In terms of mergers, 2019 was the year of the Midwest, and the upper Midwest market of Minneapolis in particular. Apart from Dentons' moves into the Midwest and Mid-Atlantic regions with its so-called "Golden Spike" strategy, the other three large mergers that were announced in 2019 centered around Minneapolis-based law firms: Faegre Baker Daniels with Philadelphia's Drinker Biddle & Reath; Kansas City's Lathrop Gage with Gray Plant Mooty; and Cincinnati's Taft Stettinius & Hollister with Briggs and Morgan Minneapolis.
Given the maturity and relative saturation of the Northeast legal markets, the dearth of big recent mergers inside the region isn't surprising. But the pressures law firms are feeling to scale up are being felt by all firms regardless of where they're based, including highly competitive markets like New York, said Kent Zimmermann, a consultant at Zeughauser Group who advises law firms on mergers and strategy.
Zimmermann advised Duane Morris on its strategy leading up to its merger with Satterlee Stephens, but he didn't work on the merger.
"It's not every day you see a firm of Satterlee Stephens' profile and quality in a higher rate market like New York combine with another firm. That makes this deal stand out," Zimmermann said. "Firms of their profile and quality are approached often and say no often."
The combined Duane Morris and Satterlee Stephens firm is estimated to bring at least $530 million in annual gross revenue. Adding Satterlee's lawyers to the firm is expected to increase Duane Morris' ranks in New York by 60%.
Read More
Duane Morris, NY-Based Satterlee Stephens To Merge in February
Midwest Mania? What's Behind the Biggest Law Firm Mergers of 2019
As Dentons Goes All-in On U.S. Cities, Can Regional Firms Compete?
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Saul Ewing Loses Two Partners to Fox Rothschild, Marking Four Fla. Partner Exits in Last 13 Months
3 minute read
Dentons Taps D.C. Capital Markets Attorney for New US Managing Partner
Exceptional Growth Becoming the Rule? Demand Drove Strong Year for Big Law
Eagles or Chiefs? At These Law Firms, Super Bowl Sunday Gets Complicated
3 minute readTrending Stories
- 1ACC CLO Survey Waves Warning Flags for Boards
- 2States Accuse Trump of Thwarting Court's Funding Restoration Order
- 3Microsoft Becomes Latest Tech Company to Face Claims of Stealing Marketing Commissions From Influencers
- 4Coral Gables Attorney Busted for Stalking Lawyer
- 5Trump's DOJ Delays Releasing Jan. 6 FBI Agents List Under Consent Order
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
