Reed Smith: Today Munich, tomorrow-ish Paris
Pond-hopping continues! I read that Reed Smith has expanded its European presence by acquiring another law firm, this time in Munich, Germany, one week after another firm, Clifford Chance, pulled Briton Peter Cornell across the pond to right their damaged ship. A golden nugget in Jeff Blumenthal's report on Reed's acquisition of a seven-lawyer practice group from Luther Menold, a law firm affiliated with Ernst & Young, is how the deal was done:
"Jordan said Reed Smith officials were introduced to the Munich group through a mutual client, Federated Investors. There will be two partners located in the new office, Stefan Kugler and Michael Fischer. The group expects to begin operations no later than May 1. They are joined by one of counsel, four associates and several support staff."
"Jordan said the Sarbanes-Oxley legislation has caused problems for law firms affiliated with accounting firms in terms of their ability to do business in the United States, and Kugler and Fischer were looking to merge their practices into a large American firm."
Makes me wonder about the diversified support Lord Falconer could recruit for the UK's new initiative to allow outside investors to own law firms and even take them public. I'm still mulling Carolyn Elefant's concerns about that policy.
Oh -- and Reed's next target is Paris, Blumenthal reports.
Posted by Laurel Newby on March 28, 2005 at 01:55 PM | Permalink
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