Two financial institutions boutiques in Washington - Silver, Freedman & Taff and Elias, Matz, Tiernan & Herrick - are merging on Jan. 1, the firms announced today.
The new 20-lawyer firm, to be known as Silver, Freedman, Taff & Tiernan, represents banks, savings institutions, trust companies and credit unions across the country. Combined, the pair will have acted as counsel to both issuers and underwriters in more than 1,000 securities offerings raising more than $40 billion, and acted as counsel for buyers and sellers in hundreds of mergers and acquisitions, according to the firms.
Name partners Robert Freedman and Ray Tiernan said in an interview that the idea to merge came about naturally. “We’ve known each other for 34 years, we’re friends, we do a lot of the same work, travel in the same banking circles,” Freedman said.
“We’ve competed with each other and worked together,” Tiernan added. The firms “have very complementary practices… We’re expanding our geographic footprint and doubling our bench strength.”
The merger will boost the new firm’s ability to structure transactions with start-up and private equity firms, Tiernan said, as well work related to employee benefit and compensation programs, corporate defense planning and tactics and real estate, litigation support and tax planning advisory services.
Both said the reaction from clients has been very positive. “At the end of the day, we hope they’re the big beneficiaries,” Freedman said.
The merged firm will occupy Silver, Freedman & Taff’s K Street waterfront offices in Georgetown.