In a strategic move that will reshape the legal landscape, the renowned Am Law 200 firm Miles & Stockbridge has announced its combination with the Washington, D.C.-based real estate finance firm Krooth & Altman. This merger will create a formidable legal powerhouse with over 200 lawyers, poised to dominate the East Coast market and beyond.

Uniting Expertise and Expanding Reach

Combining Complementary Strengths

The merger brings together the strengths of both firms, creating a synergistic alliance that will elevate their collective capabilities. Miles & Stockbridge, a Baltimore-founded firm with a strong presence along the East Coast, will benefit from Krooth & Altman's deep expertise in real estate finance, particularly in the areas of HUD-insured loans and government-sponsored enterprise (GSE) financing. Conversely, Krooth & Altman will gain access to Miles & Stockbridge's extensive resources and diverse practice areas, allowing them to offer a more comprehensive suite of legal services to their clients.

Expanding the D.C. Footprint

The combination is a strategic move for Miles & Stockbridge, as it seeks to strengthen its presence in the lucrative Washington, D.C. market. The addition of Krooth & Altman's D.C. office and its team of 30 lawyers, including 22 principals and 8 associates, will significantly bolster Miles & Stockbridge's foothold in the region. This expansion aligns with the firm's goal of continuing to grow its East Coast presence, particularly in the DMV (D.C., Maryland, Virginia) area.

Enhancing Financial Prowess

The merger is expected to have a material impact on the combined firm's financial performance. Miles & Stockbridge, ranked No. 198 in the Am Law 200, reported impressive financial results in 2023, with gross revenue reaching $128.5 million and profits per partner and revenue per lawyer reaching record highs. The firm's leadership is confident that the combination with Krooth & Altman will be "accretive" and further strengthen the firm's financial standing.

Leveraging Complementary Expertise

The combination of Miles & Stockbridge and Krooth & Altman will create a "midsize powerhouse law firm," as described by Nancy Greene, the chair, president, and CEO of Miles & Stockbridge. The firms' complementary strengths in real estate finance, particularly in the areas of HUD-insured loans and GSE financing, will allow them to offer a more comprehensive suite of services to their clients. This strategic alignment will position the combined firm as a go-to destination for clients seeking expertise in these specialized areas of real estate finance.

Seamless Integration and Collaboration

The integration process will be carefully orchestrated to ensure a smooth transition for both firms. Miles & Stockbridge will maintain two D.C. offices, with Krooth & Altman's lawyers continuing to work out of their existing office. The firms' leadership has indicated that the long-term goal is to eventually combine the offices into a single location, fostering a collaborative environment and facilitating the integration of the two teams.

Strengthening the Firm's Reputation

The merger with Krooth & Altman is part of Miles & Stockbridge's broader strategy to continue expanding its presence along the East Coast, particularly in the DMV region. The firm's leadership is committed to maintaining the strong reputation it has built in Maryland while also ensuring that this reputation extends to its other locations, including Virginia and D.C. The addition of Krooth & Altman's team and their established presence in the D.C. market will contribute to this goal, further solidifying Miles & Stockbridge's position as a leading legal powerhouse in the region.