Washington lobbying powerhouse Patton Boggs LLP has cancelled merger negotiations with Texas law firm Locke Lord LLP. The announcement was made through a joint statement issued on December 19, according to The Washington Post.
The news comes as Patton Boggs, the biggest lobby shop by revenue in the District, is in the middle of a restructuring program. This plan includes cutting down its equity partnership and redesigning its partner pay system. In response to decreasing revenue and profits, the firm has laid off 40 lawyers and 70 staffers this year, the report detailed.
In November, Patton Boggs managing partner Ed Newberry said the prospective Locke Lord merger was very attractive. Newberry also said mergers and acquisitions are among the few ways that a law firm could grow at a time when there is a flat or declining demand for legal services, the report said.
The merger with Locke Lord would have expanded Patton Boggs' market reach. The latter presently has 450 attorneys in the US and the Middle East. Locke Lord, on the other hand, has around 650 lawyers across the US, Hong Kong, and London, The Washington Post reported.
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