Reed Smith and Thompson & Knight break off merger talks
Reed Smith and Thompson & Knight have been called off, after months of negotiation and due diligence failed to produce agreement.
"We are very impressed with Thompson & Knight's lawyers, practices, and clients," said Reed Smith global managing partner Gregory Jordan. "Both firms are coming off record years in terms of profitability, but we cannot get all of the pieces in the right place now."
Reed Smith has a headcount of 1,430 lawyers and had a gross revenue of $942 million in 2009, with profits per equity partner of more than $1 million. Thomspon & Knight has a lawyer-headcount of 420; the firm’s gross revenue of in 2009 was $224 million and profits per partner were $855,000.
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