By Casey Sullivan
In the latest sign of the consolidation hitting the U.S. legal industry, two law firms that are among the 100 largest in the United States said Wednesday they have drawn up plans to merge.
Texas-based Locke Lord has signed a letter of intent to merge with the Boston-based Edwards Wildman, the firms said in a joint statement.
The tie-up, which is subject to a number of conditions and must be approved by the firms' partners, would take effect in early 2015, with the combined firm operating under the name of Locke Lord Edwards.
It is unclear when the firms would put the merger to a vote. To be sure, many law firms engage in merger talks that don’t end up getting consummated.
The merged firm would have more than 1,000 lawyers in 23 cities around the world, the firms said.
Jerry Clements, the chair of Locke Lord, said in a statement that the two firms share similarities, including practices in insurance and reinsurance, intellectual property, litigation, real estate, health care, technology and finance.
"We will spend the next few months working on details and introductions, and hopefully be able to move forward together," said Clements, who will serve as the chair of the merged firm if the deal goes through.
Edwards, whose clients include insurance companies like Zurich Insurance Plc, banks like HSBC and Citibank, and governments like Nigeria and Turks and Caicos Islands, has about 450 lawyers in 16 offices worldwide. It is known for its insurance, intellectual property and litigation practices.
Locke Lord, meanwhile, has approximately 630 lawyers in 13 offices in the United States and London, with practices in energy, insurance and litigation and clients like Duke Energy, Houston International Insurance Group Ltd, and Rio Oil and Gas LLC.
Based on 2013 financial figures reported in the legal trade publication American Lawyer, the most recently available data, the combined firm would rank among the top 50 law firms by revenue. In 2013, Edwards Wildman's profits per partner were $680,000, while Locke Lord's profits per partner stood at $935,000.
The deal comes as the legal industry has seen a growing number of law firm mergers, although few major ones among the top 100 biggest firms in the country have been consummated, according to legal experts.
In May, the beleaguered Washington, D.C. lobbying powerhouse Patton Boggs was acquired by the larger Squire Sanders to form a 1,500-lawyer international firm, Squire Patton Boggs. Locke Lord had also discussed a combination with Patton Boggs, but those talks fell apart in late 2013.
Edwards Wildman, known in intellectual property, insurance and litigation practices, was created by a merger in 2011 between Chicago-based Wildman Harrold and Boston-based Edwards Angell Palmer & Dodge.
Locke Lord, too, was formed by a merger in 2007, of Texas-based Locke Liddell & Sapp and Chicago-based Lord Bissell & Brook, which then formed a 700-lawyer law firm.
