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Summary: Am Law 200 law firm, Sedgwick, will close in January 2018.
Sedgwick has confirmed that it will close its doors in early January, according to Law.com.
“We have concluded that the best way to allow our lawyers to continue providing great service to our clients is by ceasing operations and moving to other excellent law firms,” Sedgwick said. “We are pleased that most of our lawyers and staff have opportunities with very fine firms.”
According to Lawcrossing, Sedgwick was founded in 1833 and in its heyday had almost 35o attorneys scattered in 14 offices around the globe. The 2017 AmLaw 200 firm focused on litigation and business law.
“While this news deeply saddens all of us, we are very proud and appreciative of all those who helped make Sedgwick the great firm it has been since 1933,” the firm said in its Tuesday statement. “From the bottom of our hearts, we thank our clients, attorneys and staff for everything you have done for us for decades, and we wish anyone who has ever crossed paths with this wonderful law firm the best and brightest future.”
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A large number of Sedgwick’s lawyers will move to Clyde & Co, according to sources who spoke to Law.com.
“Two sources familiar with Sedgwick said a large number of lawyers and staff may be hired by U.K.-based Clyde & Co. One source said that representatives from the British firm will be meeting with Sedgwick in the coming weeks to assess which of the firm’s lawyers and staff it will hire. Another source said that some Sedgwick employees would be out of a job as early as Dec. 1,” Law.com wrote. “Discussions about a more formal merger with Clyde & Co had reportedly broken down within the past month.”
According to Biz Journals, Sedgwick’s closing didn’t come as much of a shock. The publication stated, “The news of disbanding the firm comes after a year of shedding partners and senior attorneys nationwide. The defections started in January with former Chairman Michael Tanenbaum, who left to form a boutique firm called Tanenbaum Keale LLP. The firm also lost highly experienced lawyers and partners in Dallas, Washington, New York, Chicago and San Francisco.”
In this year’s Am Law 200 report published in May, Sedgwick stated that they had 274 lawyers and an annual income of $170.5 million. The American Lawyer wrote that in June the law firm lost 20% of its revenue due to partner defections.
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