Buckley and Orrick, law firms that specialize in advising banks and other financial and tech companies, are combining.
The two firms did not disclose the terms of the deal, which is expected to close by the end of January.
Banks, technology firms and fintech companies increasingly need to understand the laws and regulations that apply to each other, as companies continue to blur the lines between previously distinct industries, Clint Rockwell, co-managing partner at Buckley, said in an interview. The merger will allow both firms to tap each other's expertise and clients to serve the evolving market.
"The driving force here is the convergence that's happening between tech and finance right now," Rockwell said. "The traditional siloing is going away."
The deal also comes as lawmakers in Washington are considering what kind of rules should apply to crypto companies, and the firms that do business with them. Adding to the pressure, skeptical bank regulators in the Biden Administration are concerned about the degree to which banks and fintech firms have become entangled. The combined law firm says it will look to address these issues.
"Our finance and tech clients are innovating in an environment of increasing regulatory and enforcement uncertainty — it's one of their primary business risks," Orrick Chair Mitch Zuklie said in a statement. "As these sectors converge, the combined firm will offer valuable regulatory and sector insight to these innovators and their investors who need to see around regulatory corners in pursuing their strategies."
According to the two companies, the new firm will do business with "most" of the leading consumer banks, funds and tech companies, as well as 700 fintech companies. It will include lawyers across Washington, New York, California and Chicago.
Alongside the merger, Orrick is starting a business unit, called Strategic Advisory & Government Enforcement, focused on providing regulatory advice to financial and fintech companies. Orrick's clients have included Morgan Stanley, Goldman Sachs, JPMorgan Chase, Credit Suisse, Capital One and American Express.
