'O' Is for Off!
"O" is the nickname for one of the world's most successful talk show hosts, and it could have been the logo for a 1,200-lawyer, billion-dollar global law firm. Instead, as both this article from The American Lawyer and this post from the WSJ Law Blog report, "O" is for off, as Orrick and Dewey Ballantine canceled plans for a merger.
The WSJ Law Blog suggests that defections from Dewey weakened the firm, making it a less desirable partner:
Orrick had wanted to join forces with Dewey in large part because of Dewey’s strong M&A practice, but that practice had weakened in recent weeks. Earlier this week, the Law Blog reported that Michael Aiello, a former top mergers & acquisition partner at Dewey Ballantine had left the firm for cross-town competitor Weil, Gotshal & Manges. In December, the Law Blog reported that Jack Bodner, another former M&A partner at Dewey, had left for Covington & Burling in New York. Aiello and Bodner, lawyers say, were considered two of the top deputies to Morton Pierce (pictured, left), the head of Dewey’s M&A practice.
And The American Lawyerarticle also notes that the firms hadn't been able to resolve the key issue of how many partners would have full equity status. It will be interesting to see how quickly either firm begins to play the field, in search of another match.
Posted by Carolyn Elefant on January 4, 2007 at 06:57 PM | Permalink
| Comments (0)