Aborted Talks Do Not Curb Appetite for N.Y. MergersDecember 4, 2013 – New York Law Journal
A New York Law Journal article entitled, "Aborted Talks Do Not Curb Appetite for N.Y. Mergers" examines why merging into New York remains a priority for many out-of-state firms despite a string of high profile deals that failed. To offer greater insight into the thought process behind such mergers, the report quotes Scott Mollen, partner and co-chair of Herrick's Real Estate Department. Crediting the trend toward globalization by clients for putting pressure on some firms to be in more places, Scott explains that some "… large clients prefer to limit the number of firms so it's easier to coordinate certain types of matters that the client may have in Europe, Asia, and the United States. Sometimes one firm, with the necessary expertise, has a significant office in each of these areas." Scott goes on to caution, however, that not all offices of large law firms are equal, noting that a smaller firm with fewer locations, like Herrick, retains the ability to "hand pick those local firms which can add the most significant experience and relationships as co-counsel." He concludes that "ordering a la carte" may ultimately be better than a package deal.