UPDATE 5:02 p.m.: Patton Boggs is confirming the firm's acquisition of the Breaux Lott Leadership Group. In a statement, Patton Boggs Chairman Thomas Boggs Jr. called the acquisition "a strategic coup and a cornerstone for our bipartisan growth." Former Sen. John Breaux said the combination will be "the most compelling and unparalleled combination of talent and depth that Washington has to offer."
Former Sens. John Breaux and Trent Lott are finalizing a deal to sell their lobbying firm to Patton Boggs today.
A source with firsthand knowledge of the plans confirmed that the two firms, which have been in talks for months, will complete the transaction. Breaux and Lott have been calling their clients this week to inform them of the news.
Breaux, a Democrat from Louisiana, and Lott, a former Senate majority leader and Republican from Mississippi, and their sons, John Breaux Jr. and Chester Trent Lott, will be special senior counsel in Patton Boggs' Washington office. Three public policy advisers and four staff members are also joining the firm.
The deal includes an up-front acquisition payment, as well as regular ongoing compensation and incentives to hit performance targets, the source said. It represents a big acquisition for Patton Boggs, a lobbying powerhouse that reported $78.1 million in lobbying revenue in 2009, according to The National Law Journal's annual Influence 50 list.
It also means Breaux is returning to the law firm where he started his lobbying career before announcing his departure to form his own firm in 2007. Breaux and Lott quickly built the Breaux Lott Leadership Group into a bipartisan powerhouse, reporting $11.2 million in lobbying revenue in 2009, according to the Influence 50. The firm's clients include Chevron USA Inc., Citigroup, Diageo, FedEx Corp., Goldman Sachs Group, and a host of others.
Still, Breaux maintained ties with his former firm. Both he and Lott kept the titles of special advisers to Patton Boggs. The two firms also share some clients, including the Association of American Railroads.