McKenna Long & Aldridge’s partnership was scheduled to vote Oct. 28 on a combination with global megafirm Dentons, but the vote has been postponed, according to a McKenna partner speaking on condition of anonymity.
The deal is not off, the partner said, but the management committees of the firms making up Dentons, plus that of McKenna, must vote on the same day and they could not sync their schedules.
A new date for the vote has not yet been set, the partner said.
Dentons is structured as a Swiss verein, made up of five member firms worldwide: Salans FMC SNR Denton Europe, Dentons UKMEA, Dentons HK, Dentons Canada and Dentons US, according to its website. These are distinct legal entities that are not financially integrated.
A Denton’s spokeswoman said no vote was ever scheduled. “We have never communicated a timetable and when we have something to announce we will,” she said. McKenna’s chairman, Jeff Haidet, could not be reached on Thursday.
Dentons and McKenna confirmed that they were talking to each other on Sept. 30 but nothing beyond that.
The megafirm, which has 2,600 lawyers and professionals, was formed in March from a three-way combination of international firms SNR Denton and Salans with Canada’s Fraser Milner Casgrain.
SNR Denton was itself the product of a 2010 combination between London’s Denton Wilde Sapte and Chicago’s Sonnenschein Nath & Rosenthal.
McKenna’s partnership would have to vote on merging with Denton’s U.S. entity and on joining the verein. The deal would have to be approved by the Dentons verein and Dentons US, which have different management committees.
The merger with Dentons US would be a merger of equals, the partner said, with similar partner compensation. Although McKenna’s average profit per partner was $930,000 in 2012 and that of SNR Denton, the predecessor firm to Dentons, was $785,000, Dentons has only equity partners. McKenna has equity and non-equity partners.
Revenue per lawyer was also similar: $680,000 at McKenna and $650,000 at SNR Denton.
McKenna grossed $345 million last year, compared to $710.5 million for SNR Denton.