Merger of Squire Sanders and Patton Boggs to proceed
Squire Sanders and Patton Boggs will take effect on June 1, creating a combined firm with nearly 1,600 lawyers over 45 offices in 21 countries, and establishing one of the 25 largest law firms in the US.
The merger comes at the right time for Patton Boggs, which had reportedly been refused a renewal of its line of credit for this year amid dropping revenues and a string of departures. In late February, the firm’s chairman Thomas Boggs Jr. and its managing partner Edward Newberry told partners they would suspend their draws and asked others to follow suit. The firm obtained a pledge from 90 percent of its partners to stay.
The merged firm assumes $8.6 million in Patton Boggs' debt and other liabilities.