Holland & Knight, on a revenue growth streak the past decade, appeared to strike a winning bid when it announced it was in merger talks with Thompson & Knight.

Yes, Thompson & Knight’s financials have gone up and down in the last five years and it now has roughly 70 fewer lawyers than it had in 2010. Its profits-per-equity partner has declined in the past two years, with the firm attributing much of the financial strife to recent declines in the energy industry.

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