Merger talks between specialist insurance law firm Clyde & Co and San Francisco-based Sedgwick have reportedly hit a snag.
A source recently told The American Lawyer that Clyde and Co’s interest has waned, as groups of partners from Sedgwick’s insurance practice have left for Kennedys, another specialist insurance law firm.
Citing figures from ALM Intelligence, The American Lawyer said more than 45 partners have left Sedgwick, with its headcount falling 35%.
In response to questions over the merger, Clyde & Co said they “continuously study our markets for opportunities and, at any given time, we may be in discussion with a number of individuals, teams or firms.”
“As a matter of policy we never comment on such discussions until it is appropriate to do so,” the firm added.
In 2016, Sedgwick’s turnover stood at US$183 million, for a revenue-per-lawyer figure of US$670,000. Its profits per partner were US$685,000.
According to the Am Law Daily, Sedgwick has closed offices in Washington, DC; Fort Lauderdale, Florida; and Houston and Austin, Texas this year.
