Former MP of Patton Boggs explains reasons for merger
The former managing partner of Patton Boggs and current co-managing partner of merged firm Squire Patton Boggs has explained why the firm needed to find a merger partner in an interview with David J. Parnell of Forbes:comments powered by Disqus
“We were facing increasing financial pressure. So we undertook a substantial restructuring, and that restructuring put us on a solid economic and financial footing, allowing us to do a combination to meet our strategic needs.
“Many if not most of the U.S.-based law firms in the 350 to 600 or 700 lawyer-range are feeling a great deal of financial pressure. We felt it more than many because we had a number of very large cases—totalling, at the end of the day, nearly $80 million of a $330 million budget—settle and wind up through normal course. That dramatic decline in revenue exacerbated the pressure on us, but the financial pressure on all law firms today are very significant.”