7 September 2007 LeBoeuf, Lamb, Greene & MacRae LLP to Merge
Dewey Ballantine LLP and LeBoeuf, Lamb, Greene & MacRae LLP to Combine Will Create One of the World’s Premier Law Firms
New York, NY (August 27, 2007) – Dewey Ballantine LLP ("Dewey Ballantine") and LeBoeuf, Lamb, Greene & MacRae LLP ("LeBoeuf Lamb"), two leading international law firms, today announced that they have entered into a definitive agreement to merge, subject to partner approval. The combination will create a premier New York law firm with extensive global reach, bringing together some of the most prominent practices and industry leaders, with more than 1,300 attorneys in 12 countries and revenues approaching $1 billion.
The combined firm, which will be known as Dewey & LeBoeuf LLP ("Dewey & LeBoeuf"), will be an established powerhouse in New York, Washington, DC, and London, the most important cities for transaction deal flow. Dewey & LeBoeuf will cover 12 countries, ranking 13th globally and third among US firms in terms of number of countries covered, as per ALM Global 100 2006. It will rank as the fifth largest firm in New York with approximately 550 lawyers and the fifth largest US-headquartered firm in London with approximately 170 lawyers. Dewey & LeBoeuf also will have a presence in nearly every key international financial and commercial center and will rank as the 14th largest firm by headcount and the 16th largest firm by revenue in the United States. Steven H. Davis will lead the combined firm as chairman, with equal representation from Dewey Ballantine and LeBoeuf Lamb on its executive committee.
The Dewey & LeBoeuf merger will result in a broader and deeper client offering with complementary practice areas and industry focus, providing an excellent fit. In the instances where both firms’ practice areas are similar, the combination makes those areas deeper and stronger. For example, the combined firm will be characterized by market-leading practice groups such as mergers and acquisitions, complex litigation, intellectual property litigation, government investigations, international trade, capital markets, structured finance, private equity, antitrust, and tax. The combined firm will possess leading industry experience in sectors including banking, energy, utilities, insurance, sports and entertainment, life sciences and healthcare, and telecommunications.
"This strategic combination will create a premier New York law firm with extensive global reach," said LeBoeuf Lamb’s Chairman, Steven H. Davis. "The quality, scale and scope we will offer as a combined firm will enable us to continue attracting the most prominent clients and to address complex and challenging legal issues our clients face on a national and global basis. Combining our strengths and collective resources into one organization advances LeBoeuf Lamb’s goal to broaden and deepen our practice offerings and global presence, add highly skilled and dynamic lawyers and continue to focus on increasing profitability."
"Dewey Ballantine has been focused on growth for some time, and this combination with LeBoeuf Lamb is an especially good fit. LeBoeuf Lamb brings a practice and industry focus that complements and enhances our areas of practice to create a powerful array of offerings for clients," said Morton Pierce, co-chair of Dewey Ballantine. "Clients will benefit from significant additional resources from a firm with a presence in nearly every key international financial and commercial center, and we believe this combination is to the advantage of everyone at the firm and our clients worldwide."
Dewey Ballantine and LeBoeuf Lamb, which are both headquartered in New York, share a similar heritage and evolution, which is underscored by the firms' compatible cultures, values, and visions. Both firms have comparable operational and governance structures that will facilitate a smooth integration. Dewey Ballantine and LeBoeuf Lamb's financial metrics are also similar. Moreover, both firms share a strong commitment to the priorities highlighted in The American Lawyer's elite "AList," including associate satisfaction, diversity, and the provision of pro bono legal services.
The merger of Dewey Ballantine and LeBoeuf Lamb creates a catalyst for increased growth and profitability. The combined firm will be favorably positioned to capitalize on its existing international presence for even greater global success. Dewey & LeBoeuf will build on the momentum of both firms' recent achievements:
Dewey Ballantine — In the last year, Dewey Ballantine has added more than 30 partners, including several strategic lateral hires, and has promoted 15 associates to partner, which accounts for a significant portion of the firm's more than 10% increase in personnel growth. Dewey Ballantine also opened an office in Charlotte, North Carolina — the nation's second largest financial services market. Some of the firm's other milestones include:
#1 "2006 Banker Representation" (Mergermarket )
#5 in M&A (U.S. target announced and any U.S. involvement announced) (Thomson Financial , Q'1 2007)
#10 as underwriter's counsel in U.S. investment grade debt (Corporate Scorecard, The American Lawyer, 2007)
30 lawyers recognized in Chambers USA 2007, 17 lawyers recognized in Chambers Global 2007, 22 lawyers recognized in Chambers Europe 2007*
#35 in Vault's ranking for Top 100 Law Firms 2007
LeBoeuf Lamb — During the past 12 months, LeBoeuf Lamb has made 19 lateral partner hires, which enabled the firm to enter and expand practice areas including entertainment, media and sports; international arbitration; litigation; technology and intellectual property; environmental, health and safety; real estate; and bankruptcy and restructuring. Additional milestones include:
#1 in M&A Insurance (SNL Financial, 2006)
#3 in U.S. investment grade corporate debt (Thomson Financial, Q'1 2007)
#4 in M&A (Central and Eastern Europe) (Mergermarket, 2007)
25 lawyers recognized in Chambers USA 2007, 25 lawyers recognized in Chambers Global 2007, 13 lawyers recognized in Chambers Europe 2007, 6 lawyers recognized in Chambers UK 2007*
Reactions — Reinsurance Law Firm of the Year (5 years running)
* Totals not mutually exclusive (some lawyers are recognized in more than one Chambers publication)
The combined firm will have 26 offices in 12 countries: United States (New York, Washington, DC, Albany, Austin, Boston, Charlotte, Chicago, Hartford, Houston, Jacksonville, Los Angeles, East Palo Alto, and San Francisco), United Kingdom (London), Belgium (Brussels), France (Paris), Germany (Frankfurt), Italy (Milan and Rome), Poland (Warsaw), China (Beijing and Hong Kong), South Africa (Johannesburg), Kazakhstan (Almaty), Russia (Moscow) and Saudi Arabia (Riyadh). Additionally, the combined firm will be better positioned to attract, retain, and promote the most talented partners, associates, and law students based on the firm’s client work and financial performance. There also is a potential for increased opportunities for law students, with additional choices of practice areas and the possibility of increased hiring.
The merger is expected to take effect by October 1, 2007, subject to an affirmative vote by both partnerships.
Dewey Ballantine LLP, founded in 1909, is an international law firm with over 550 lawyers located in the United States (New York, Washington DC, Los Angeles, East Palo Alto, Houston, Austin, Charlotte), United Kingdom (London), Germany (Frankfurt), Italy (Milan, Rome), Poland (Warsaw), and China (Beijing). Through its network of offices, the firm handles some of the largest, most complex corporate transactions, litigation and tax matters in areas such as M&A, private equity, project finance, corporate finance, corporate reorganization and bankruptcy, antitrust, intellectual property, sports law, structured finance and international trade. Industry specializations include energy and utilities, healthcare, insurance, financial services, media, consumer and industrial goods, consumer electronics, technology, telecommunications and transportation.
LeBoeuf, Lamb, Greene & MacRae LLP, founded in 1929, is an international law firm with over 700 lawyers located in the United States (New York, Washington, DC, Albany, Boston, Chicago, Hartford, Houston, Jacksonville, Los Angeles, and San Francisco), United Kingdom (London), Belgium (Brussels), China (Beijing and Hong Kong), France (Paris), Kazakhstan (Almaty), Russia (Moscow), South Africa (Johannesburg), and Saudi Arabia (Riyadh). The firm's experience in the energy, utilities, and insurance industries has brought it to leading positions in the corporate and financial services, bankruptcy, and litigation practice worldwide. LeBoeuf Lamb represents a diverse range of clients within areas such as banking, finance, insurance, energy, telecommunications, e-commerce, transportation, manufacturing, real estate, and entertainment, as well as trade associations and government agencies.