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Troutman Pepper Hamilton Sanders and Locke Lord, two prominent U.S. law firms, have confirmed they are engaging in discussions about a potential merger, marking what could be the largest law firm combination of the year.
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Firm Statements
In nearly identical statements, representatives from both Troutman Pepper and Locke Lord acknowledged the ongoing discussions about a potential merger. They emphasized their commitment to providing exceptional legal services to their clients but refrained from offering further details at this time.
Overview of the Firms
Troutman Pepper, the larger of the two firms, boasts a workforce of over 1,100 lawyers spread across 22 cities in the United States. Formed from the merger of Troutman Sanders and Pepper Hamilton in 2020, the firm reported approximately $1.08 billion in gross revenue in 2023.
On the other hand, Locke Lord, with a revenue of about $497.6 million in the same year, has a history of growth through mergers. It currently operates with over 500 lawyers across 20 global locations, following its most recent merger with Edwards Wildman in 2015.
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Increasing Merger Activity
The potential merger between Troutman Pepper and Locke Lord comes amid a surge in law firm combinations in 2024. According to legal consultancy Fairfax Associates, there has been a 25% increase in merger activity during the first quarter compared to the same period in 2023. This heightened activity is expected to persist throughout the year.
Notable Mergers
The legal landscape has witnessed several significant mergers recently. Among them is the forthcoming merger between UK-founded Allen & Overy and New York-founded Shearman & Sterling, set to take effect on May 1. This merger is anticipated to create a powerhouse law firm boasting over 3,900 lawyers across 48 offices.
