Two Washington Boutique Law Firms Merge to Bolster Business
Two Washington D.C. boutique law firms known for serving financial institutions are merging to pull resources together. The law firms of Silver Freedman & Taff, LLP and Elias, Matz, Tiernan & Herrick L.L.P., will become a single entity called Silver, Freedman, Taff & Tiernan LLP from January 1, 2014. Each firm has more than four decades of experience in serving financial institutions, their officers and employees.
Both law firms were established in 1971 and serve financial institutions though in slightly different verticals. While Silver, Freedman represents clients primarily in credit unions with assets between $25 billion and $50 billion, Elias, Matz represents financial institutions and private equity funds in mutual stock conversions, debt financings and IPOs.
The newly combined law firm is expected to become a major force in serving financial institutions in the country. Together, the merging firms have already counseled issuers and underwriters in over 1,000 securities offerings raising more than $40 billion. They have also counseled both purchasers and sellers in more than 800 merger and acquisition transactions totaling a worth of $50 billion or more in deal value.
Speaking on the merger, Bob Freedman, Senior Partner of Silver, Freedman said, "We are acutely aware of the needs of our bank and credit union clients, the regulatory environment they face and the strategic paths available to accomplish their goals. This combination expands our capacity and expertise further, and assures our continued ability to fully serve our clients' interests. There is no better fit for adding value to our combined client base."
Ray Tierman, the Managing Partner of Elias, Matz agreed, observing, "Through the combining of our firms, we gain additional depth in not only our securities and regulatory practice, but also in our ability to help structure transactions with start-up and private equity firms."
The newly merged entity will have significant resources in assisting management of financial institutions in the establishment of employee benefit and compensation programs, litigation support and tax planning advisory services, and in the development and implementation of corporate defense planning.
Until now, in 2013, there have already been 58 law firm mergers announced during the first three quarters, which shows a year-on-year rise of 41 percent in law firm mergers and acquisitions.