Law firm Squire Sanders has reportedly saved lobbying group Patton Boggs from financial ruin after Squire Sanders agreed to acquire various partners as well as the Patton Boggs name, reports say.
Squire Sanders struck a deal with the company on Friday, a just one day after Patton Boggs seemed to be on the edge of total collapse, reports say. The companies announced late Friday they struck a deal after negotiations that began last February.
Beginning June 1, the new company will begin operations as Squire Patton Boggs. Financial terms of the merge were not disclosed, but reports say the new firm will rank 23rd in the nation and see more than $1 billion in yearly revenue.
Reports say Patton Boggs faced financial strain after agreeing to pay Chevron Corp $15 million after a court found a judgment against Chevron over pollution claims filed by Ecuadorian villagers was obtained illegally. The firm was further challenged after one of its major cases, in which the company defendant first responders of the September 11, 2001 terrorist attacks, dried up.
Full content: Chicago Tribune
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