Holland & Knight Acquires Nashville’s 280-Lawyer Waller Lansden

Combined firm will boast nearly 2,000 attorneys across 35 offices

Holland & Knight in 2021 merged with Big Law’s Thompson & Knight

Holland & Knight is merging with Nashville-headquartered Waller Lansden Dortch & Davis, the law firm said Wednesday, a move that further solidifies its stronghold in the South.

The tie-up, set to be completed in the first quarter, will give the combined firm 2,000 lawyers in 35 offices across the globe. Florida-based Holland & Knight, among the 30 largest law firms in the US, will add 280 Waller lawyers across Tennessee, Alabama, and Texas as part of the move, according to the firm.

“We look forward to joining forces with one of the most established and well-respected brands in healthcare law, along with remarkable capabilities in many other key industries and practices that are well aligned with our strategic initiatives,” Holland & Knight managing partner Steven Sonberg said in a statement.

The acquisition marks the latest major expansion for Holland & Knight. The firm in 2021 combined with Dallas-based Thompson & Knight, a Big Law firm with roughly 300 attorneys in Texas, a state that has become one of the hottest legal markets in the country in recent years.

The combined firm brought in $1.4 billion in gross revenue in 2021, according to data compiled by the American Lawyer. That’s on par with firms like Cleary Gottlieb, Milbank, and Reed Smith. Holland & Knight reported just over $2 million in profits per equity partner.

Waller Lansden earned $182.4 million in gross revenue in 2021, ranking it among the 170 largest law firms in the country. The firm also reported more than $1 million in profits per equity partner, according to the American Lawyer.

The firm’s headquarters in Nashville boasts more than 235 lawyers, giving Holland & Knight a significant presence in a city that serves as a major hub for the healthcare industry. Waller Lansden’s clients have included pharmaceutical companies Merck & Co Inc. and Bayer AG, along with residential care firm Acadia Healthcare Co. Inc.

Beyond healthcare, Holland & Knight said the merger will boost its private equity, financial services, real estate, and litigation practices.

‘Regional Hero’

Sonberg said in an interview in August that he wanted the firm to continue to get bigger, with a particular focus on the Miami, Texas, and Mexico markets.

The tie-ups over the past two years give the firm hundreds of lawyers across Florida, Texas and Tennessee. The Sunshine State remains the firm’s largest base, with about 400 lawyers.

History has shown that “one of the smarter strategies for law firms [that want to] grow is to focus on being a regional hero,” said Bruce Macewen, a law firm adviser at Adam Smith Esq. “That seems to be what they’re doing. The main reason is clients get it.”

Holland & Knight’s combinations with Thompson & Knight and Waller Lansden are among the legal industry’s largest over the past two years.

In 2022, there were just two mergers involving firms that each had at least 100 lawyers, according to legal consultancy Fairfax Associates.

Fairfax tracked 46 completed mergers overall last year, a slight uptick from 41 in 2021 but far below the historical average of 55 mergers per year in the previous decade. The firm said in a report released Tuesday that it anticipates merger activity to continue to increase in 2023.

(Updates to include additional information on Holland & Knight, Waller Lansden, and merger activity. )

To contact the reporter on this story: Justin Wise at jwise@bloombergindustry.com

To contact the editors responsible for this story: Chris Opfer at copfer@bloomberglaw.com; John Hughes at jhughes@bloombergindustry.com