On Thursday November 10th 2016 Arnold & Porter and New York's Kaye Scholer announced that they will merge in the New Year to create a new, 1000-lawyer firm. This marks the biggest BigLaw deal of a year.
The merger will be effective January 1st 2017.The firm will be known as Arnold & Porter Kaye Scholer and will have offices across nine US states and four international offices. The combined firm practices will focus on intellectual property, litigation, and finance and corporate.
Michael Solow, managing partner at Kaye Scholer, said: “This combination enhances our ability to anticipate and address our clients’ most significant and complex legal matters, and will result in service offerings that are among the broadest and deepest in the two key US legal markets—New York and Washington, DC.”
Richard Alexander, current chair of Arnold & Porter, and who will also serve as chair of the combined firm, said: “The collective talents and financial resources of the new firm will allow us to continue to deliver to clients the sophisticated counsel and service that they expect, while creating substantial economies of scale that will accelerate our investments in talent and technologies, and enable us to pursue innovation in the efficient delivery of legal services.”
Both firms struggled financially last year. Arnold & Porter’s gross revenue fell 6.4% in 2015 to $650 million and Kaye Scholer’s went just over 1% to $370 million. Leaders at the firms said the pending marriage was prompted by complementary practices in areas like pharmaceuticals and FDA matters, and the need for more territory in a handful of major markets.