Merger talks between Chadbourne & Pillsbury break down
Chadbourne & Parke and Pillsbury Winthrop Shaw Pittman, it is believed the negotiations have concluded without a merger. The potential merger would have created a firm with 930 lawyers and revenues exceeding $800m.
It was reported at the end of September this year that Pillsbury had called a mandatory partner meeting to vote on acceptance of the merger. The merger was expected to expand the firm's headcount in the financial services and energy practices, both key to the firm.
Pillsbury's CEO, Jim Rishwain, who has led the firm for nine years, has entered into merger talks at least six times with different firms. None of talks have resulted in a merger. It is speculated that the firm's 1:1 partner to associate ratio has been a critical factor in the repeated failures to close a deal.
Rishwain is scheduled to step down from his role in January 2017 and will be succeeded by litigator David Dekker. Dekker, based in Washington D.C., was announced as Pillsbury's new vice-chair and chair elect earlier this year.