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Merger Vote Postponed
McKenna Long & Aldridge is postponing a critical vote. According to the Daily Report Online, a McKenna partner speaking on the condition of anonymity confirmed that while the partnership had planned on voting on Oct. 28 on a possible “combination with global megafirm Dentons,” the vote has now been postponed.
As of now, the partner speaking from the shadows noted that the potential deal is not off, but that conflicting schedules prevented management from both firms from meeting and making the commitment to move ahead with their potential combination. The vote must be taken on the same day. Interestingly, a new date for the vote has not yet been set.
Dentons is composed of five member firms worldwide, according to the Daily Report Online, Denton EU, Denton UKMEA, Dentons HK, Dentons Canada and Dentons US. These entities are not financially integrated. A spokeswoman from Dentons commented, “We have never communicated a timetable and when we have something to announce we will.” There was no comment from McKenna Long & Aldridge, as its chairman, Jeff Haidet was not able to be reached.
According to the partner speaking from the shadows, “The merger with Dentons US would be a merger of equals, with similar partner compensation.“ McKenna’s average PPP was $930,000 in 2012, while Denton’s was $785,000. These comparisons will of course be considered with understanding that Dentons has only equity partners and that McKenna has equity and non-equity partners. Revenue per lawyer at McKenna was $680,000 and $650,000 at Dentons. Denton’s grossed $710.5 million last year, while McKenna grossed $345 million.
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