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Pillsbury Winthrop Talking Merger with Dickstein Shapiro
Reuters reported that on Monday, their sources familiar with both the law firms learned that the New York law firm of Pillsbury, Winthrop, Shaw, Pittman was considering a merger with Washington law firm Dickstein Shapiro. While concerns still remain over financial structuring of the merger, and whether it could follow through to a finish, the leaders from both the law firms are seriously discussing issues.
A Dickstein spokeswoman refused to comment on the Pillsbury merger to Reuters, but said that the law firm remained to stay on its strategic growth plan and it had a “rock-solid, debt-free financial platform.” She also told Reuters that Dickstein was very optimistic about its future.
Even though Pillsbury mad no disclosure or comment to the media about the potential merger, on Monday, at least one Dickstein partner confirmed to Reuters that merger discussions had been taking places with several selected law firms, though he was unable to confirm whether Pillsbury was one of the potential candidates.
Such merger talks often fail to consummate like last year’s talks between Pillsbury and Fulbright & Jaworski. Fulbright ultimately is moving to merge with Norton Rose. Dickstein sources confirmed to the media that Pillsbury had been considered in the past as one of the probable candidates with which the law firm could merge. On the other hand, Pillsbury has also been seeking mergers.
Last year, Dickstein also engaged in talks with Hunton & Williams before the talks ended due to client conflicts.
According to the American Lawyer, Dickstein had grossed $247 million in 2011 with record profits of $915,000 per partner. On the other hand, Pillsbury had grossed $527 million in 2011 with $1 million profits per partner.