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Dechert Partners approve transatlantic merger

Completing another step in pursuit of its international growth strategy, the US law firm Dechert Price & Rhoads has merged with the UK law firm Titmuss Sainer Dechert. The combined firm, known simply as Dechert, has 580 lawyers in 10 offices across the United States and Europe.

17 July 2000

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Dechert
Partners approve transatlantic merger

Completing another step in pursuit of
its international growth strategy, the US law firm Dechert Price & Rhoads
has merged with the UK law firm Titmuss Sainer Dechert. The combined firm, known
simply as Dechert, has 580 lawyers in 10 offices across the United States and
Europe.

The firms
have spent several years building the foundation for a full merger since forging
a unique alliance in 1994. At that time, the two firms entered into an exclusive
agreement to work together to represent clients as a dual entity wherever
possible, teaming to build higher profiles in specific practice areas such as
investment management and securities law. It was under this initial arrangement
in 1994 that Titmuss Sainer & Webb changed its name to Titmuss Sainer
Dechert (TSD) and that partners from Dechert Price & Rhoads’ London office
became partners in TSD.

“London is the centerpiece of our European strategy. We recognised six
years ago that to compete globally and continue to provide our clients with
truly integrated international service, it would be necessary for us to have a
full-service presence and complete infrastructure in London,” said Dechert
Chairman Barton J. Winokur. “We’ve watched other law firms make mistakes in
their efforts to grow and we have been determined not to do the same. The new
Dechert is a truly international collaboration.”

“The success of this exclusive
relationship has been continually assessed with a view to ultimately merge,”
said Steven Fogel, Titmuss Sainer Dechert senior partner. “We have pioneered a
new strategy with every expectation that it will work.”

According to law firm management
consultant Bradford Hildebrant, who advised both firms on the transactions, the
principal reasons other transatlantic mergers have failed are largely cultural.
“As we’ve seen in the past few weeks, mergers such as this can be very hard to
bring to fruition but they are not impossible. These two firms found solutions
to what have been for others insurmountable problems. I believe the strong
relationship between lawyers has contributed to their success.”

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