Dewey and Orrick Reach Major Milestone in Merger Discussions
25.10.2006, 15:08
New York (USA) October 25 (PROTEXT/PRNewswire) - Dewey Ballantine LLP andOrrick, Herrington & Sutcliffe LLP, two leading global law firms, announcedtoday that the firms' respective Management and Executive Committees havemade initial recommendations to their partners about combining into a newfirm named Dewey Orrick LLP that will retain Orrick's well-known "O" brand.Ralph Baxter, Orrick's current Chairman, and Morton A. Pierce, Dewey'scurrent Chairman, would serve as Co-Chairmen, with Mr. Baxter serving asthe new firm's Presiding Partner.
The firms' merger is dependent on the finalization of terms, ongoing duediligence and approval by a vote of each firm's partners which the firmsexpect to obtain by mid-December.
Dewey Orrick would count 1,500 lawyers in 21 offices across North America,Europe, and Asia. With combined revenue of approximately US$1 billion, thefirm would rank among the top ten U.S. law firms on "The Am Law 100," anannual survey conducted by The American Lawyer. Almost one-third of thefirm's lawyers would reside outside the United States, and at 500 lawyers,Dewey Orrick would have the seventh-largest New York office of any law firm.
"The Dewey Orrick merger would anticipate the future needs of our clients,and position the combined firm as one of the world's premier law firms,"Mr. Baxter said. "Globally dominant legal providers will be characterizedby market-leading practice groups, with a particular strength in M&A,finance and litigation; by having significant operations in all the world'sleading commercial and financial centers; and by attracting and retainingtop legal talent due to their superior economic performance. All of thesecharacteristics would mark Dewey Orrick."
"This merger will change the face of the legal industry, serving as a modelof what law firms need to look like in order to anticipate their clients'needs in a national and international marketplace," Mr. Pierce said."Clients will need law firms that are innovative and creative in the waythey run their businesses and in the ways in which they partner with theirclients."
Each firm is known for its class-leading transactional and litigationpractices. The combined firm would receive the fifth-most top-ten rankingsacross all transaction categories on The American Lawyer's annual"Corporate Scorecard" survey, including ranking as the #1 M&A firm forinvestment advisors, the #1 underwriter's and bond counsel for municipalbonds, and among the top 10 firms for IPOs for underwriters. The combinedfirm would have one of the largest tax departments of any general practicelaw firm, with attorneys practicing a full spectrum of corporate tax work.The National Law Journal named Orrick to its annual "Defense Hot List" ofthe top 10 defense litigation practices, and The American Lawyer alsoranked Orrick among its "Distinguished Dozen" of elite litigation groups.Dewey's litigation practice is a global leader, having litigated many ofthe most important antitrust, intellectual property, corporate fraud,securities, international trade and sports litigations in history.
About Orrick
Orrick, Herrington & Sutcliffe LLP, an international law firm with 950lawyers in North America, Europe and Asia, was founded in 1863. The firmfocuses on litigation, complex and novel finance and innovative corporatetransactions. Orrick clients include Fortune 100 companies, majorindustrial and financial corporations, commercial and investment banks,high-growth companies, governmental entities, start-ups and individuals.The firm's 18 offices are located in Beijing, Hong Kong, Taipei, Tokyo,London, Milan, Moscow, Paris, Rome, Los Angeles, New York, Orange County,Pacific Northwest, Sacramento, San Francisco, Shanghai, Silicon Valley andWashington, D.C.
About Dewey Ballantine
Dewey Ballantine LLP, an international law firm with 550 lawyers located inNew York, Washington, D.C., Los Angeles, East Palo Alto, Austin, London,Warsaw, Frankfurt, Milan, Rome and Beijing, was founded in 1909. Throughits network of offices, the firm handles some of the largest, most complexcorporate transactions, litigation and tax matters in areas such as M&A,private equity, project finance, corporate finance, corporatereorganization and bankruptcy, antitrust, intellectual property, sportslaw, structured finance and international trade. Industry specializationsinclude energy and utilities, healthcare, insurance, financial services,media, consumer and industrial goods, consumer electronics, technology,telecommunications and transportation.
Web site: http://www.deweyballantine.com
Source: Dewey Ballantine LLP; Orrick, Herrington & Sutcliffe LLP
Allan Whitescarver of Orrick, Herrington & Sutcliffe, tel.:+1-415-773-5578, e-mail: awhitescarver@orrick.com; or Jason Dinwoodie ofDewey Ballantine, tel.: +1-212-259-6520, e-mail:jdinwoodie@deweyballantine.com
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