Dewey and Orrick Reach Major Milestone in Merger Discussions

New York (ots/PRNewswire) -

Dewey Ballantine LLP and Orrick, Herrington & Sutcliffe LLP, two
leading global law firms, announced today that the firms' respective
Management and Executive Committees have made initial recommendations
to their partners about combining into a new firm named Dewey Orrick
LLP that will retain Orrick's well-known "O" brand. Ralph Baxter,
Orrick's current Chairman, and Morton A. Pierce, Dewey's current
Chairman, would serve as Co-Chairmen, with Mr. Baxter serving as the
new firm's Presiding Partner.

The firms' merger is dependent on the finalization of terms,
ongoing due diligence and approval by a vote of each firm's partners
which the firms expect to obtain by mid-December.

Dewey Orrick would count 1,500 lawyers in 21 offices across North
America, Europe, and Asia. With combined revenue of approximately
US$1 billion, the firm would rank among the top ten U.S. law firms on
"The Am Law 100," an annual survey conducted by The American Lawyer.
Almost one-third of the firm's lawyers would reside outside the
United States, and at 500 lawyers, Dewey Orrick would have the
seventh-largest New York office of any law firm.

"The Dewey Orrick merger would anticipate the future needs of our
clients, and position the combined firm as one of the world's premier
law firms," Mr. Baxter said. "Globally dominant legal providers will
be characterized by market-leading practice groups, with a particular
strength in M&A, finance and litigation; by having significant
operations in all the world's leading commercial and financial
centers; and by attracting and retaining top legal talent due to
their superior economic performance. All of these characteristics
would mark Dewey Orrick."

"This merger will change the face of the legal industry, serving
as a model of what law firms need to look like in order to anticipate
their clients' needs in a national and international marketplace,"
Mr. Pierce said. "Clients will need law firms that are innovative and
creative in the way they run their businesses and in the ways in
which they partner with their clients."

Each firm is known for its class-leading transactional and
litigation practices. The combined firm would receive the fifth-most
top-ten rankings across all transaction categories on The American
Lawyer's annual "Corporate Scorecard" survey, including ranking as
the #1 M&A firm for investment advisors, the #1 underwriter's and
bond counsel for municipal bonds, and among the top 10 firms for IPOs
for underwriters. The combined firm would have one of the largest tax
departments of any general practice law firm, with attorneys
practicing a full spectrum of corporate tax work. The National Law
Journal named Orrick to its annual "Defense Hot List" of the top 10
defense litigation practices, and The American Lawyer also ranked
Orrick among its "Distinguished Dozen" of elite litigation groups.
Dewey's litigation practice is a global leader, having litigated many
of the most important antitrust, intellectual property, corporate
fraud, securities, international trade and sports litigations in
history.

About Orrick

Orrick, Herrington & Sutcliffe LLP, an international law firm with
950 lawyers in North America, Europe and Asia, was founded in 1863.
The firm focuses on litigation, complex and novel finance and
innovative corporate transactions. Orrick clients include Fortune 100
companies, major industrial and financial corporations, commercial
and investment banks, high-growth companies, governmental entities,
start-ups and individuals. The firm's 18 offices are located in
Beijing, Hong Kong, Taipei, Tokyo, London, Milan, Moscow, Paris,
Rome, Los Angeles, New York, Orange County, Pacific Northwest,
Sacramento, San Francisco, Shanghai, Silicon Valley and Washington,
D.C.

About Dewey Ballantine

Dewey Ballantine LLP, an international law firm with 550 lawyers
located in New York, Washington, D.C., Los Angeles, East Palo Alto,
Austin, London, Warsaw, Frankfurt, Milan, Rome and Beijing, was
founded in 1909. Through its network of offices, the firm handles
some of the largest, most complex corporate transactions, litigation
and tax matters in areas such as M&A, private equity, project
finance, corporate finance, corporate reorganization and bankruptcy,
antitrust, intellectual property, sports law, structured finance and
international trade. Industry specializations include energy and
utilities, healthcare, insurance, financial services, media, consumer
and industrial goods, consumer electronics, technology,
telecommunications and transportation.

Web site: http://www.deweyballantine.com
http://www.orrick.com

ots Originaltext: Dewey Ballantine LLP; Orrick, Herrington & Sutcliffe LLP
Im Internet recherchierbar: http://www.presseportal.de

Contact:
Allan Whitescarver of Orrick, Herrington & Sutcliffe,
+1-415-773-5578, awhitescarver@orrick.com; or Jason Dinwoodie of
Dewey Ballantine, +1-212-259-6520, jdinwoodie@deweyballantine.com