Morgan Lewis & Bockius has emerged from the Brobeck Phleger & Harrison debacle with three offices and around 50 partners after tying down an agreement last night.
Morgan Lewis, which pulled out of merger talks with Brobeck last week triggering the West Coast firm’s collapse, is expected to take space in San Francisco, Palo Alto and Irvine.
This will off-set some of the property liabilities that helped to sink Brobeck after the firm was lumbered with thousands of square feet of space following last year’s spate of departures.
Among the partners moving to Morgan Lewis is Richard Odom, chairman at Brobeck and a host of other rainmakers.
It is understood that Morgan Lewis will not be stung for any of the liabilities the Brobeck partners could still be facing by the time they move.
Citibank, Brobeck’s largest creditor, has also brought forward the closing date for shutting the firm down to February 14, two weeks earlier than the bank had originally scheduled.
Brobeck: the desertions, the failed merger, the end
Within a mere 48 hours, Brobeck Phleger & Harrison has seen its 77-year history dissolve before its eyes This tale of disaffected partners, crippling debt and stifling property costs last week culminated in a fate Brobeck had been desperately fighting to avoid – total collapse.It began on Wednesday (29 January) when two catastrophes collided.Texas-based Steven […]
