Rumored Merger Between Hogan Lovells And Shearman Scrapped
The proposed mega firm won't be happening.
Back in December, we reported Hogan Lovells with its ~2500 attorneys and Shearman with about 730 were considering merging. A rough sketch of the numbers seemed to make sense, the combined revenue was looking like they’d make the number 3 largest firm by revenue, and equity partner profits are roughly comparable between $2.5M and $3M. But alas, it is not to be.
Last night, the two firms put out a joint statement, light on details, announcing they are not merging:
“As has been widely reported, our firms have been in preliminary and exploratory conversations regarding a possible combination. After careful consideration, we have mutually agreed that a combination at this time is not in the best interest of either firm. We have been deeply impressed with each other’s business, practices and people and wish each other continued success,” the statement said.
This feels like particularly bad news for Shearman — the firm recently announced attorney and staff layoffs. And a number of partners have found homes at new Biglaw firms. Plus the one-time Am Law Top 5 firm’s recent financial performance can best be described as sluggish.
It’ll be interesting to see what’s next for Shearman (oh yeah, and Hogan Lovells).
Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @Kathryn1@mastodon.social.
