Back
in
November
2025,
Perkins
Coie
announced
its
plans
to
combine
with
Ashurst,
a transatlantic
tie-up expected
to
propel
the
firm
into
the
top
20
of
the
Am
Law
100.
With
the
merger
expected
to
close
sometime
in
the
third
quarter,
Perkins
isn’t
exactly
enjoying
a
kumbaya
moment
across
the
partnership.
Instead,
they’re
voting
with
their
feet
—
sources
say
the
firm
is
leaking
partners
like
a
sieve,
with
recruiters
circling
like
sharks
and
management
quietly
floating
retention
bonuses
to
stop
the
bleeding.
According
to
multiple
recruiters
and
firm
sources,
“tons
of
Perkins
partners”
are
now
on
the
market,
and
at
least
22
partners
have
already
left
the
firm’s
Seattle
headquarters.
In
fact,
as
reported
by
the
American
Lawyer,
one
recruiter
with
clients
in
Seattle
said
rather
bluntly
of
the
situation:
“We
are
talking
to
Perkins
partners,
and
we
are
going
to
be
seeing
more
defections.
My
sense
is
that
the
way
the
merger
was
presented
was
not
ideal;
partners
were
feeling
like
they
were
not
given
a
choice.
It
was
more
like,
‘This
is
happening,
and
you
need
to
be
OK
with
that
and
get
on
board’
—
not
much
of
a
discussion.”
That
theme
—
no
buy-in,
no
real
consultation,
no
partner
agency
—
keeps
coming
up.
Another
recruiter
was
even
more
direct:
“[T]ons
of
Perkins
partners
are
looking
for
jobs”
if
the
merger
with
Ashurst
goes
through,
and
noted
some
have
threatened
to
depart
if
the
merger
is
finalized.
Internally,
the
resentment
is
even
worse.
One
current
Perkins
partner
didn’t
mince
words,
calling
the
merger
“a
monumental
f—
up.”
That
partner
claimed
management
never
meaningfully
vetted
the
merger
across
the
partnership
and
said
many
would
likely
vote
“no,”
adding
that
unlike
the
merger
between
Hogan
Lovells
and
Cadwalader,
some
Perkins
partners
see
Ashurst
as
a
brand
dilution.
Even
“lifers”
at
the
Perkins
are
displeased,
with
the
merger
inspiring
lateral
“window
shopping”
at
other
firms.
According
to
multiple
sources,
to
stop
the
bleeding,
Perkins
is
now
exploring
partner
retention
bonuses,
reportedly
structured
as
two-year
contracts
with
clawbacks
if
partners
leave
early.
As
one
source
put
it,
although
bonuses
haven’t
been
discussed
with
partners,
“the
firm
is
seriously
thinking
about
them.”
Another
source
said
the
firm
is
“not
proactively
going
out
and
making
retention
bonus
offers
to
partners.”
But
unfortunately,
these
bonuses
could
certainly
come
in
handy
for
the
firm,
because
in
reality,
“There’s
only
so
much
hemorrhaging
they
can
do
before
the
deal
is
off.”
The
view
on
this
prospective
merger
from
30,000
feet
is
that
some
partners
are
so
upset
about
how
this
deal
was
approached
that
they’re
considering
leaving
—
if
they
haven’t
already
left.
Perkins
Coie
seems
to
be
dealing
with
a
partner
confidence
crisis,
leaving
the
tie-up
with
Ashurst
hanging
in
the
balance.
Yes,
this
combination
may
still
close,
and
the
press
releases
will
of
course
sound
optimistic,
but
on
the
inside,
it’s
a
lot
messier
than
it
looks.
‘More
Defections’?
Perkins
Partners
Seek
Alternative
Options
in
Advance
of
Ashurst
Merger
[American
Lawyer]
Earlier:
Perkins
Coie
Faces
Partner
Run
As
Ashurst
Merger
Deal
Nears
The
Next
Transatlantic
Biglaw
Heavyweight:
Ashurst
Ties
The
Knot
With
Perkins
Coie
Staci
Zaretsky is
the
managing
editor
of
Above
the
Law,
where
she’s
worked
since
2011.
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