Starting on Aug. 1, Bingham McCutchen will take control of McKee Nelson, The Am Law Daily reports. The merged entity will retain the Bingham McCutchen name.
The merger was driven by McKee's slipping revenues amid the collapse of the structured finance market. Revenue at the firm fell 16 percent in 2008, to $160 million, and profits per equity partner dropped 15 percent to $1 million.
The firms' combined revenue will likely grow to over $900 million. With the addition of McKee's 120 lawyers, it will include more than 1,100 lawyers spread across 12 offices.
McKee focuses its practice on four areas: tax, business litigation, capital market, and structured finance.
Read more about the merger here.
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