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The merger between Dewey Ballantine and LeBoeuf Lamb Greene & MacRae has gone through as of 4:30pm BST today (26 September).
The partners of the respective firms were informed in the past hour that, as of Monday (1 October), they will be part of Dewey & LeBoeuf, as the new firm will be called.
The news comes as the LeBoeuf partners successfully voted to amend their partnership deed this afternoon.
This was necessary because under New York law, partnerships cannot be merged: one party has to either dissolve its deed, or a new agreement has to be reached.
As first reported by The Lawyer (24 September), Dewey decided to dissolve its partnership agreement, with its partners accepting the LeBoeuf structure.
LeBoeuf’s chairman Steven Davis, who will also chair the combined firm, sent an email to his partners this afternoon stating that he was pleased to announce that the merger had been overwhelmingly approved by both partnerships and that it “ushered in a new chapter” in the firms’ histories.
The executive committee of the new firm will have equal representation from the respective legacy firms.
To push through the changes to the LeBoeuf partnership deed, at least 50 per cent of partners needed to be present at this afternoon’s vote, either physically or through a phone-in.
But around 180 partners – who all had to individually announce their attendance – took part in the vote, which effectively secured the merger that will create a 1,300-lawyer firm with a revenue of just less than $1bn (£496.3m) and operations in 12 countries.
In London, the 200-odd UK-based lawyers of Dewey & LeBoeuf will be housed in LeBoeuf’s current offices in Mincing Lane.
How has the Dewey & LeBoeuf merger been received by the market?