Is Reed Smith Mulling N.Y. Merger?
An international law firm headquartered in Pittsburgh reportedly may be seeking to strengthen its New York presence and insurance coverage practice by merging with a New York City-based boutique.
Reed Smith, which has some 1,500 attorneys in more than 20 offices worldwide after recent mergers, may now be considering bringing 120-lawyer Anderson Kill & Olick into the mix, according to a Legal Intelligencer article reprinted in New York Lawyer (reg. req.).
Anderson Kill is particularly known for representing corporate plaintiffs in its insurance coverage practice, and Reed Smith also has a plaintiff practice in this area.
Senior partners at Reed Smith declined to confirm or deny rumors of merger talks, the legal newspaper reports. But Robert Nicholas, who is managing partner of its New York office, said last week in a written statement that “it’s no secret that New York is a very important market for us and we have been open about both our desire and intention to grow in that market. Given our overall growth trajectory, we are always talking with people and firms that might help us grow our presence in the New York market.”
Meanwhile, after mergers last year with 250-lawyer Richards Butler London and 140-lawyer Sachnoff & Weaver in Chicago, the firm’s average compensation per partner reportedly increased more than 6 percent, from $593,000 in 2006 to $631,000 in 2007.
