The latter part of 2014 brought with it not only the biggest business of law news for Pennsylvania, but perhaps for the country. All eyes watched during the second half of the year as Morgan, Lewis & Bockius entertained merger discussions with struggling Boston-based firm Bingham McCutchen. A full-on acquisition of the more than 700 lawyers at Bingham would have been a big departure for Morgan Lewis’ typical growth strategy of acquiring groups of attorneys from firms that are disbanding.
The end result of the talks was a hybrid of the two options, with Morgan Lewis taking well over 500 lawyers in a large-scale lateral move that pushed the firm near the 2,000-lawyer mark. The deal also saw Morgan Lewis taking on some of Bingham’s $100 million in debt as well as some of the firm’s assets, with Bingham no longer a going concern and all of that debt expected to be zeroed out by 2014′s end.
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