Sidley Austin does a lot of legal work for Merrill Lynch, apart from, ahem, Sunday’s merger. So it’s understandable that the Chicago-based firm sent an internal memo to its employees yesterday urging them not to panic about the demise of one of their biggest clients. Why shouldn’t they freak out? Because apparently Merrill is responsible for less than 10% of Sidley’s business.
Above The Law: While Sidley Austin declined to comment to ATL on the Merrill Lynch/Bank of America merger, they did send around an internal memo to their associates. Sidley essentially told their people: “DON’T PANIC!!!!!!!!!”
Apparently, the firm opened up their books to show the percentage of their business that comes from the companies affected by the yesterday’s meltdown. Merrill Lynch represents well less than 10 per cent of the firm’s overall business, so they think they should be fine.
All of the messages we are hearing from Sidley associates reflect the same theme. People are interested, but as one tipster put it, “nobody is freaking out just yet.”
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