Baker, Winston Withdraw Proposals to Take on Heller Lawyers and Leases
Two large law firms that were once merger candidates for Heller Ehrman have withdrawn proposals to take on large groups of the dissolving firm’s lawyers and leases on offices that housed them.
The two firms withdrawing the proposals are Baker & McKenzie and Winston & Strawn, the Recorder reports. Peter Benvenutti, the chairman of Heller’s dissolution committee, confirmed the development in an interview with the publication. A source told the Recorder that Baker had once expressed an interest in up to 300 Heller lawyers but is now considering hiring between five and 20 partners. A source said Winston is also considering taking on a smaller number of lawyers.
Benvenutti said the firm may still be able to find some takers for part of its office space. “There is interest in some of the leases of some of the offices,” he told the Recorder.
Benvenutti also said it would not be in anyone’s interest for the firm to be forced into involuntary bankruptcy by creditors. Observers have speculated on the possibility following reports that the firm’s banks have withheld approval to pay employees for accrued vacation time.
Meanwhile, smaller groups of Heller lawyers continue to leap to other law firms. Covington & Burling is picking up 50 Heller lawyers, and Cooley Godward Kronish is picking up at least 15 others, ABAJournal.com recently noted.
Earlier coverage:
ABAJournal.com: “Heller’s London Lawyers Seek New Law Firms”
ABAJournal.com: “Firms Eye Talent as Heller Preps to Dissolve”
