The merger would create top 50 US law firm with 1,000 lawyers s and revenues of over $800m, which would be a welcomed addition by Pillsbury after their lawyer headcount fell in March when 15 lawyers joined Winston & Strawn in its Abu Dhabi office.
Pillsbury, which was founded in San Francisco in 1868, generated revenues of around $560m in 2014, while profit per equity partner (PEP) stood at $1.2m. On the other hand, New York-based Chadbourne, established in 1902, generated revenues of around $250m with a profit per equity partner of $1.1m. Chadbourne is known for its work in cross-border transactions and disputes in emerging and growth markets, while Pillsbury is particularly known for its work in energy matters across the globe.
This news comes just before Pillsbury announced that it has elected David T. Dekker as the new chairman, who will take office in January 2017. While Dekker said that “I think Pillsbury has a well-recognized name and an outstanding roster of attorneys, A-List clients and a strong balance sheet… but I also see that we have not grown as quickly as we would like to grow in terms of the amount of business we have,” he further affirmed that his election was unrelated to the merger discussions.