Piper Rudnick and Gray Cary Announce Merger

Combination Creates One of the Largest, Most Diversified Law Firms in the U.S.

With 1,300 Lawyers, 20 Offices and $800 Million in Revenue

Oct 19, 2004, 01:00 ET from Piper Rudnick Gray Cary LLP

    SILICON VALLEY, Calif., CHICAGO and BALTIMORE, Oct. 19 /PRNewswire/ --
 Piper Rudnick LLP, one of the nation's leading law firms, and Gray Cary Ware
 and Freidenrich LLP, a premier technology law firm, today announced a merger
 that will create one of the largest, most diversified law firms in the United
 States. The new firm will be named "Piper Rudnick Gray Cary LLP."
     With more than 1,300 lawyers, the combined firm will become one of the 10
 largest law firms in the U.S. The firm will have 20 offices located in leading
 business and technology markets throughout the country and projected revenues
 for 2004 that will approach $800 million, which would have placed the merged
 firm sixth in last year's AmLaw 100, which ranks U.S. law firms based on
     The merger, which takes effect on January 1, 2005, was announced jointly
 by Piper Rudnick's co-chairs, Francis B. Burch Jr., and Lee I. Miller, and
 Gray Cary's chairman and CEO, J. Terence O'Malley.
     The merger combines the 380 lawyers from Gray Cary, a firm well known for
 representing clients in corporate and securities, intellectual property and
 complex litigation matters, with the 1,000 lawyers from Piper Rudnick, a firm
 widely known for its real estate, litigation, business and technology, and
 government affairs practices. The combination results in a litigation
 department that will be one of the nation's largest and most experienced at
 trying complex litigation, including commercial and patent law disputes. It
 also accelerates the growth of Piper Rudnick's business and technology
 practice, which will have notably stronger capacity to represent clients of
 all sizes, from emerging companies to Fortune 100 corporations, particularly
 in the technology industry.
     "This merger represents an important milestone in our strategic plan,"
 said Burch and Miller, co-chairs of Piper Rudnick, in a joint statement. "Gray
 Cary's core areas of practice, talented attorneys, and presence in key
 locations fit perfectly into our client-driven plans for growth. Their
 corporate and litigation strengths complement our own, so collectively, we are
 well positioned to meet the increasingly complex and global legal needs of our
     "Like Piper Rudnick, we represent sophisticated clients that provide
 sophisticated products and services throughout the U.S. and across
 international markets," explained O'Malley. "This merger enables us to offer
 them comprehensive legal services in areas that are of critical importance to
 their business.
     O'Malley added that having a presence in New York, Los Angeles, Boston and
 Chicago, where Piper Rudnick now has offices, will give Gray Cary's clients
 and the firm's attorneys immediate proximity to important financial centers,
 capital markets, and additional venues where complex cases are litigated. He
 also cited an expanded presence in Washington D.C., where Piper Rudnick has a
 substantial part of its well established legislative and regulatory practice,
 as advantageous to the firm's clients who find themselves at the intersection
 of technology and regulatory issues in the post 9-11 business environment.
     Response from clients to the merged firm's capabilities is expected to be
 very positive. "Gray Cary and Piper Rudnick have combined their substantial
 individual competencies and wide ranging expertise into a powerful global
 platform capable of serving global organizations like ours and the companies
 we work with in a multitude of ways.  We look forward to strengthening our
 long-standing partnerships with these great firms now that they have joined
 forces to create this enhanced set of capabilities," said Bob Grady, Managing
 Director and global head of venture capital at the Carlyle Group, one of the
 world's largest private equity firms.
     The combined firm will comprise a set of top caliber, national legal
 practices in the areas of:
     -- Corporate and Securities/M&A -- The merger will instantly create a
        leading corporate finance practice with more than 250 attorneys. Based
        on completed deals, the merged firm would have ranked second in the
        country for "Completed U.S. M&A transactions" in the Thomson Financial
     -- Litigation -- The combined firm creates a litigation department with
        more than 550 attorneys in offices throughout the country working on
        patent, securities, trade regulation, commercial, product liability,
        class action, white collar, financial services/insurance and other
        litigation work. The firm would rank seventh in the U.S. for the number
        of patent litigation cases filed in 2003, according to data compiled by
        American Lawyer Media.
     -- Real Estate -- With Piper Rudnick already widely recognized as the
        nation's preeminent real estate law firm, the combined firm would have
        more than 200 attorneys focused on real estate matters through the
        addition of 30 Gray Cary attorneys focusing in this area.
     -- Intellectual Property -- The merged firm will have nearly 200 attorneys
        heavily focused on IP matters, including patents, copyrights and
        trademarks, media and advertising. The merged firm will have more than
        60 attorneys focusing on patent and trademark prosecution, 60 attorneys
        with copyright law experience and nearly 80 patent litigators.
     -- Government Affairs -- Building upon Piper Rudnick's existing position
        as one of the top government affairs law firms in the U.S., the merged
        firm will have more than 180 attorneys operating out of the Washington
        D.C. office, including Senator George Mitchell, Congressman Dick Armey
        and Governor James Blanchard among a host of other political leaders.
        The office will become the second largest within the firm's network
        while hosting sophisticated practices that include antitrust,
        communications, environmental, international trade, government
        controversies, legislative affairs, government contracts, and
        electronic commerce and privacy.
     "As two firms that are each the product of successful mergers in the past,
 both Piper Rudnick and Gray Cary approached this deal with a sharp focus on
 making sure there was a cultural fit," Burch added. "Both Piper Rudnick and
 Gray Cary have collegial, open and consensus-based cultures. Both share a deep
 commitment to pro bono and public service. Both invest heavily in training and
 developing their lawyers. We will continue to emphasize those values, enabling
 us to provide a stimulating and rewarding working environment for our lawyers
 and staff."
     Building on National Growth and Momentum
     According to Burch and Miller, Piper Rudnick's continued expansion in
 California has been a central part of the firm's strategic growth plan to
 build core practices areas in key regions of strategic importance to clients.
 The merger allows both firms to expand existing client relationships and
 provides a strong platform for developing new regional and national client
     The merger continues a period of dramatic growth for Piper Rudnick during
 the past 15 months, reflected in several strategic mergers, alliances and
 recruitment of many high-profile partners and strategic advisors across the
     About Gray Cary
     Gray Cary is a national law firm that represents private and public
 businesses, from emerging growth companies to Fortune 500 corporations. The
 firm has approximately 380 attorneys practicing in Austin, East Palo Alto,
 Sacramento, San Diego, San Francisco, Seattle and Washington, D.C.
     About Piper Rudnick LLP
     Piper Rudnick is a business law firm of 1,000 lawyers with U.S. offices in
 Baltimore, Boston, Chicago, Dallas, Edison, Las Vegas, Los Angeles, New York,
 Philadelphia, Reston, San Francisco, Tampa, and Washington, and a European
 office in Paris.
     In 2004, Chambers USA named 40 of the firm's lawyers (up from 28 in 2003)
 among America's Leading Lawyers for Business, including two who received the
 rare "Exceptional" rating and one "Senior Statesman," particularly in the
 areas of real estate, corporate, litigation, and labor and employment.
 The firm's practice is focused on:
     -- Litigation, including national business and securities, product
        liability and toxic torts, intellectual property, antitrust, labor and
        class action litigation, and a white-collar group featuring a former
        Watergate prosecutor. This group includes eight members of the American
        College of Trial Lawyers (one of whom also served as president), two
        former United States Attorneys and a former federal judge.
     -- Real Estate, comprising one of the largest and most diverse practices
        in the United States, with a focus on transactional, finance and
        securities capabilities for owners and investors in all property
        sectors. In 2004, Chambers and Partners, the Practical Law Company and
        Who's Who Legal in separate independent surveys of clients and
        competitors all ranked the Real Estate group as the undisputed leading
        real estate practice in the nation. The group includes the
        President-elect and a former President of the American College of Real
        Estate Lawyers, as well as 16 other members of the College.
     -- Business and Technology, including corporate and securities, corporate
        governance, franchise and distribution, intellectual property, media,
        information technology, taxation, bankruptcy, biosciences, IPOs,
        private equity, mergers and acquisitions, project finance, and other
        major transactions for companies of all sizes.
     -- Government Affairs, including the nationally known federal affairs and
        legislation group formerly with Verner Liipfert Bernhard McPherson and
        Hand; a government controversies practice headed by the former general
        counsel of a leading telecommunications company; and prominent
        regulatory practices in government contracts, environmental, e-commerce
        and privacy, tax legislation, antitrust and communications. This group
        includes former Senate Majority Leader George Mitchell and former House
        Majority Leader Dick Armey.
     -- International, with significant capabilities in trade regulation,
        dispute resolution, and cross-border transactions, complemented by our
        strategic alliance with The Cohen Group, an international strategic
        business advisory firm headed by former U.S. Secretary of Defense
        William S. Cohen, former NATO Supreme Allied Commander General Joseph
        Ralston, and former U.K. Defense Minister and NATO Secretary General
        Lord George Robertson.

SOURCE Piper Rudnick Gray Cary LLP