Two major firms in the US have confirmed that they are in advanced talks about a combination.
“Troutman Sanders and Pepper Hamilton can confirm they have entered into discussions about a possible combination. Our first priority is delivering exceptional legal services to our clients and as such, we will have no further comments at this time,” the firms said in a statement Wednesday.
The combined firm would have more than 1,000 lawyers and about US$850m in annual revenues, although the deal is not yet cut and dried.
Atlanta-headquartered Troutman is the 68th largest law firm in the Am Law 100 ranking by The American Lawyer. The firm of about 650 lawyers had a turnover of $521.5m in 2018. Profit per equity partner (PEP) at the firm, which has 12 offices, was reported to be US$1.07m, while revenue per lawyer (RPL) was US$809,000.
Pepper, which is based in Philadelphia, is the 105th law firm in the Am Law 200 ranking. It has 14 offices, revenues of US$334.36m last year, a PEP of US$830,000, and an RPL of US$789,000.
In 2016, Pepper was approached by Reed Smith for a possible merger, but the deal fell through.