Knights in shining armours join hands to rescue themselves
In the largest US merger since the beginning of Covid-19, Holland & Knight to merge with Dallas-based Thompson & Knight by this summer
The US law firm Holland & Knights is currently in merger talks with the Dallas-based Thompson & Knights, which specialises in the energy sector.
The proposed merger, expected to be in place by this summer, would be the largest US merger since the beginning of the Covid-19 pandemic last year. Holland & Knights is one of the 40 top Am Law firms.
The deal, when it comes through, would add Thompson & Knight's 300 lawyers to Holland & Knight's roster to create a firm with nearly 1,600 lawyers across 30 offices.
An announcement to this effect was made jointly by the two law firms on 9 April 2021.
"This proposed combination would expand significantly each firm's presence in important geographic markets," said Mark Sloan, managing partner of Thompson & Knight, and Steven Sonberg, managing partner of Holland & Knight.
"It would also improve the depth and breadth of the services offered to clients in key industries. Most importantly, the combination would bring together two firms who share similar cultures, and who are focused on providing excellent client service in a collaborative and diverse environment," Sloan and Sonberg said in the joint statement.
The two firms are in the process of completing their due diligence in connection with the transaction and expect to complete the process in the next 90 days, with a tentative closing date set for the summer.
Thompson & Knight's lawyers are spread across four Texas offices, a New York branch, and international locations in London, Mexico City, Monterrey and Algeria.
According to media reports, Thompson & Knights witnessed a slowdown in its core market on a 10 per cent decline in revenue to $200 million against a 16 per cent decline in the profit-per-equity partner.
Two energy transactional partners Wesley P. Williams and Jessica Hammons left Thompson & Knights earlier this month to join Akin Gump Strauss Hauer & Feld's Dallas and Fort Worth offices respectively. The firm had also witnessed the loss of six lawyers to Alston & Bird's newly opened Fort Worth arm in September last year.