Bingham McCutchen LLP Agrees to Merge with Firm from Philadelphia
Summary: The law firm of Bingham McCutchen LLP has agreed to merge with a law firm from Philadelphia.
Bingham McCutchen LLPThe law firm of Bingham McCutchen LLP has agreed to merge with a law firm from Philadelphia, according to a report from The Boston Globe.
Partners at Bingham McCutchen put the merger to a vote earlier in the week.
The firm would not issue comment on the vote and it still needs to be approved by partners of Morgan, Lewis & Bockius LLP. Morgan, Lewis & Bockius agreed earlier this fall to acquire Bingham McCutchen. It is not known when they will vote on the merger.
If the merger is approved, it would create a firm that houses 2,000 attorneys.
Bingham McCutchen has been operating in Boston for more than a century and the firm has represented large banks, maritime companies and tech giants. Some of its clients include Bank of America Corp. and Oracle Corp.
Revenues at the firm have dropped over the past couple of years and money-making partners have left, causing the firm to run into some hard times.
Managing partner Steven Browne said that the firm seeking bankruptcy protection was a remote possibility.
The firm fared well during the recession because large banks leaned on the firm for advice, but when new regulations were adopted, the work dried up for the firm.
Bingham McCutchen opened a $22.5 million facility in Kentucky last year that houses accounting, secretarial and information technology jobs that used to be located in Boston.