Splits are often said to be “amicable”. For the lawyers at Anderson Kill & Olick, let’s hope it’s especially true in their case.
On Tuesday (22 January), we reported that the ever-growing international juggernaut that is Reed Smith was taking 55 lawyers from the 126-lawyer New York firm (see story).
And it is. Just not yet.
Although the Anderson Killers are now Reed Smithers, they don’t actually get the keys to their new firm’s Lexington Avenue offices until August at least. The space isn’t quite ready.
So until then they’ll be staying put at the old Exxon building at 1251 Avenue of the Americas. One floor above the other, the former colleagues will have plenty of time to practice their forced grins in the lift before making their move across town. Let’s just hope they don’t Anderson Kill each other first.
Aside from the geographical aspects of the deal, we can also shed a little more light on its financial structure. Anderson was a professional corporation rather than a firm, meaning the full equity partners were known as equity stockholders.
There were 25 of these in total at Anderson, of which 17 are joining Reed Smith. Of these, around two-thirds are joining as full equity partners. Coincidentally, the total of new partners joining Reed Smith is also 25, around 12 of whom were equity stockholders at Anderson. The balance fall into Anderson’s two other categories (income stockholders and stockholders).
Confused? The upshot is around 12-to-15 partners will be joining Reed Smith’s equity. And I have it confirmed that they don’t have to wait until August.