US firms put merger on hold amid coronavirus… Cooley creates COVID-19 resource hub for clients…
Kirkland & Ellis becomes first US$4bn law firm
Global firm Kirkland & Ellis has maintained its position as the top-grossing law firm and become the first to surpass US$4bn.
Its 2019 financial results show that the firm generated an extra 10% of revenue compared to the previous year to a total of US$4.15bn. Profit per equity partner was up 3% to US$5.2m.
Recent results from the firm’s rival to the top-grossing firm crown, Latham & Watkins, show it generated US$3.77bn.
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US firms put merger on hold amid coronavirus
The COVID-19 coronavirus is disrupting businesses worldwide and has now put a hold on a law firm merger.
US firms Troutman Sanders and Pepper Hamilton say that the effective merger date is being pushed back to July 1, 2020.
“While we are well-positioned to execute the combination on April 1, we believe the decision to postpone is in the best interest of our attorneys, staff, and clients,” the firm said. “Postponing the merger will allow our attorneys to remain focused on excellent client care and will allow all our people to prioritize the health and safety of their families and themselves at this difficult time.”
Cooley creates COVID-19 resource hub for clients
Among the firms generating additional resources for their clients to advise on the coronavirus outbreak, Cooley has launched a COVID-19 hub.
The regularly-updated content provides information on the rapidly changing legal and financial landscape created by the unprecedented crisis.
“We are here to help our clients in these trying times,” said Joe Conroy, Cooley’s chairman and chief executive officer. “We take to heart our profound and enduring commitment to the health and well-being of all of our people, our clients and our communities around the world.”