Merger talks between US firms Reed Smith and Thompson & Knight have been called off, the firms have confirmed.
In a joint statement the firms said talks had ended before the partnerships had been given a vote on the matter, and after due diligence on the combination had been carried out in the latter part of 2010.
The firms announced they were in merger talks in October (4 October 2010). With 1,369 lawyers, Pittsburgh-headquartered Reed Smith is far bigger than Texan firm Thompson & Knight, which has around 350 lawyers.
Reed Smith global managing partner Greg Jordan said: “We’re very impressed with Thompson & Knight’s lawyers, practices and clients. Both firms are coming off record years in terms of profitability, but we can’t get all of the pieces in the right place now.”
He added: “Reed Smith will continue to partner with Thompson & Knight on shared work as we move ahead to pursue our firms’ strategic growth plans and serve our clients.”
Thompson & Knight managing partner Jeffrey Zlotky said: “Everyone at Thompson & Knight has great respect and admiration for Reed Smith, the quality of their lawyers, the strength of their platform and their culture.
“With two strong firms like ours, a large number of issues have to align to make a merger work. We’re concluding our discussions with the highest regard for the attorneys and management of Reed Smith.”