BigLaw firm to merge with New York-based law firm
Image from Shutterstock.com.
Duane Morris’ New York City office will expand by 60% following a planned merger with Satterlee Stephens.
Firm leaders confirmed the merger plans on Thursday, report Law.com and Law360. Final sign-off on the deal is expected by Jan. 31, with the merger taking effect the next day.
Satterlee Stephens has 60 lawyers, according to a press release. The combined firm will have at least 850 lawyers and annual gross revenue of at least $530 million.
The combined firm will be known as Duane Morris. After the merger, New York will be Duane Morris’ largest market outside its Philadelphia headquarters.
The two firms share many banking and insurance industry clients, according to Law.com.
Duane Morris chairman and CEO Matthew Taylor told Law360 that the merger was “a win-win” from a cultural standpoint.
“We’ve had opportunities to grow many places, many times, and we’ve walked away from situations where we just didn’t think that the cultures would be a fit,” Taylor said.
