Yesterday, Patton Boggs LLP and Squire Sanders announced that the two firms would merge to form Squire Patton Boggs, a firm that will employ 1,600 attorneys in “45 offices in 21 countries around the world.” This merger will place Squire Patton Boggs as one of the 25 largest firms in the world.
Patton Boggs LLP, known primarily for its expertise in government relations and public policy work, suffered tremendous blows after the financial crisis. The firm’s “revenue and profitability . . . had declined consistently over the past five years,” so it was seeking out prospective firms to merge with. Contenders included Locke Lord LLP, a Texas based firm, and Dentons, a multinational firm, but neither was successful in coming to agreeable terms that would entice Patton Boggs to move forward with a merger. Squire Sanders, known as the Ohio firm that developed a global presence throughout the past century since its founding, was ultimately determined to be the best fit for Patton Boggs despite the series of bids from various contenders.
After months of deliberations, Patton Boggs rose above various obstacles, including “a challenging legal market, a major law suit with Chevron, significant internal restructuring, and the perpetual onslaught of the media” to get the merger approved.
According to a report by Altman Weil, a law firm consultant, 2013 saw “88 law firm mergers . . . up from 60 in both 2011 and 2012.” Despite the challenges that Patton Boggs faced to finally merge with Squire Sanders, the announcement of the merger is no surprise for 2014, given the recent trend in law firm mergers.
Ed Newberry, managing partner at Patton Boggs stated that the merger, which will take effect on June 1st, will “provide considerable opportunities to access new markets, engage clients in new ways and attract and retain top talent.” The chair and CEO of Squire Sanders, Jim Maiwurm announced in a press release that the joining of the two firms would “establish[] us as the ‘go-to’ firm for public policy work. We also gain a leading position in the Middle East and several new locations in the United States, while deepening our bench in a number of important practices areas, all of which strengthen our service platform.”
Representatives of both firms look forward to the union of their respective firms and anticipate a solid foundation for growth and development worldwide for Squire Patton Boggs.