Reed Smith talking merger with US firm
Reed Smith is engaged in merger talks with Pepper Hamilton, a US firm based in Philadelphia. A potentially combined firm would generate revenues near $1.5bn.
Reed Smith’s global revenues fell in the recent year from $1.15bn to $1.12bn. It’s average profit per equity partner dropped eight percent as well, to $1.1m. The firm has 1,650 lawyers. Recently, the firm announced it would cut 45 positions for lawyers from its US, UK and Middle Eastern offices.
Pepper Hamilton, meanwhile, is roughly one-third the size of Reed Smith. It has more than 500 lawyers and 13 offices in the United States. It’s recent revenues reached $384.5m.