- Law firms
- Holland & Knight keeps its name and gets a big Texas presence
- Thompson & Knight has seen a steady stream of partner departures since the merger announcement
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(Reuters) - Two months and more than a dozen partner defections later, Holland & Knight and Thompson & Knight say they have a date for the planned merger they first announced this spring.
The firms confirmed Monday that the deal is on track to be completed on Aug. 1, and the combined 1,600-lawyer firm will operate under Holland & Knight's name.
Holland & Knight's directors committee and Thompson & Knight's partnership have both signed off on the tie-up, the firms said, and they've executed a "definitive merger agreement."
"Further information concerning the combined firm will be released upon completion of the merger," the firms said.
The merger between Dallas-based Thompson & Knight and the larger, Miami-based Holland & Knight would make the latter a dominant firm in Texas and boost its energy and real estate practices, among others. Once completed, the merger would be the biggest of its kind since the COVID-19 pandemic began last year.
Since the merger's announcement in early April, Thompson & Knight has seen a steady stream of high-profile defections, including the heads of its Dallas and Austin offices to Sidley Austin and O'Melveny & Myers, respectively.
Other Thompson & Knight partners have made tracks to Akin Gump Strauss Hauer & Feld, Baker Botts, and BakerHostetler. On Monday, Haynes and Boone announced it had picked up capital markets and securities partner Stephen Grant from Thompson & Knight's Houston office; he's at least the 13th partner to leave the firm since April.
Departing Thompson & Knight attorneys who have spoken to Reuters said the looming merger did not factor into their exits.
Meanwhile, Holland & Knight hires over the past two months have included a corporate partner from Kirkland & Ellis; an emerging technologies and innovation practice co-head from K&L Gates; and a data strategy partner from Quarles & Brady.
Representatives for both firms have declined to comment on the departures.
The pandemic hit Thompson & Knight especially hard as a Texas firm with oil clients at a time when fewer people were traveling and using fuel. The firm was approved to receive $10 million in loans through the federal government's Paycheck Protection Program, which was intended to keep small businesses afloat during the pandemic.
Thompson & Knight's revenues dropped 10.4% to $195.1 million in 2020, while Holland & Knight saw its topline grow 1.7% to $1.04 billion in 2020, according to figures collected by The American Lawyer.