Legal News

Firms Withdraw Offers to Absorb Large Groups of Heller Lawyers

By Dan Slater

Two weeks ago, we asked a Heller Ehrman associate about job prospects following the firm’s planned November 28 wind-down. He told the Law Blog that managing partner Matt Larrabee had indicated, at a firm meeting, that Baker & McKenzie was interested in “taking some lawyers from all of the domestic offices.”

The Recorder today reports that those hopes have been dashed.

On Tuesday, Peter Benvenutti, the chairman of the dissolution committee now controlling the firm, confirmed whispers that Baker & McKenzie and Winston & Strawn, both one-time merger candidates, had withdrawn proposals to pick up large groups of lawyers and their expensive real estate. While Benvenutti would not say whether deals on this scale are being discussed with any other firms, he did say there’s interest in taking over certain of the firm’s leases, and “we expect to have clarity in a day or two.”

But there still may be some interest. Baker reportedly remains interested in a smaller number of Heller partners — between five and 20 partners in various practice areas and locations, according to the Recorder. Winston, too, is reportedly still pursuing some number of Heller lawyers.

Meanwhile, also on the law-firm front, it seems that partners are working hard to assuage the fears of associates, many of whom are apparently shaken by the financial crisis. Click here for the NLJ story.

For instance, Ropes & Gray chairman Brad Malt said the firm is “well positioned to weather the turbulence in the marketplace” because its practice areas and clients are diversified. In fact, the e-mail said that the Wall Street crisis is an opportunity for the firm to pick up business as the financial sector attempts to get back on track.

Full post as published by Law Blog - WSJ.com on October 08, 2008 (boomark / email).