Bingham Dana Announces Third Non-Legal Business; Strategic Advisory Group to Focus on M&A, Joint Ventures and Business Restructuring.

Business Editors

BOSTON--(BUSINESS WIRE)--March 15, 2001

Bingham Dana LLP, an international law firm with offices in Boston, New York, Washington, Los Angeles, Hartford, London and Singapore, today announced its third non-legal business. Bingham Strategic Advisors, LLC (BSA) is a wholly owned subsidiary that will provide strategic financial and other business advice on mergers & acquisitions, joint ventures and business restructurings.

BSA works closely with CEOs and other in-house professionals to ensure the successful execution of their transactions. BSA's services include assisting in structuring and negotiating the transaction, coordinating buyer and seller activities, performing due diligence, and assisting with post-closing integration.

BSA also provides business restructuring advice to private equity groups and venture capital investors requiring hands-on assistance in addressing under-performing investments. These services include keeping banks and other creditors informed and working with investors to help develop and implement comprehensive action plans.

Jay S. Zimmerman, Bingham Dana's Managing Partner and Chairman of the board of directors of BSA, stated: "We've recently identified a significant number of clients that need additional senior level business advice to augment their internal resources. Bingham Strategic Advisors can readily address these needs, which are often transaction-specific. Adding this group's experience and business judgement to our existing capabilities allows us to provide our clients with comprehensive legal and business solutions to support their transaction needs."

"This new subsidiary is a logical next step for a major law firm that has already established two other non-legal businesses," Zimmerman continued. "In January 1999 we started Bingham Consulting Group, which provides business and governmental consulting services to companies in highly regulated industries on a state-by-state basis. And later that year, we created Bingham Legg Advisers, a joint venture with Legg Mason, which provides financial management and investment advisory services to high net-worth individuals. Both ventures have been incredibly successful."

Bingham Strategic Advisors has provided M&A advice to Bingham Dana clients on a number of recent transactions including the Jean R. Yawkey Trust on the sale of the Trust's controlling interest in the Boston Red Sox and Sumitomo Bakelite Co., Ltd. on its $150 million purchase of the Durez division of Occidental Chemical.

According to John J. Bradley III, head of the group, Bingham Strategic Advisors complements the law firm's legal advice by providing senior level transaction advice and support to facilitate client transactions. "Providing these services to Bingham Dana clients is a logical extension of the high quality legal and business advice that Bingham Dana clients rely on when retaining the firm," Bradley said. "We believe that these additional resources will further assist clients in achieving their strategic objectives in a timely and expeditious manner."

Bradley has more than 20 years of banking experience. Before joining Bingham Dana, he served as a Director of Mergers & Acquisitions at BankBoston for seven years. He was responsible for International and Corporate Banking M&A activity and led teams on several high profile transactions including the acquisition of Robertson Stephens and Deutsche Bank Argentina. Previously, he spent 14 years in BankBoston's Loan Workout Group, managing a diverse portfolio of complex problem loans.

Bradley is joined by Lauren A. Farrell, who has more than ten years of broad-based financial management and accounting experience in both established and entrepreneurial companies. She spent the past five years as a senior financial executive at two internet-based startups where she participated in all phases of various financing transactions, including private equity and debt transactions, the acquisition of a competitor and an initial public offering.

Also joining Bingham Strategic Advisors is Richard L. Calcasola, who has more than five years of accounting experience in both public and private corporations. He has detailed knowledge of accounting including taxation, financial statement preparation and auditing, and has specific experience in post-merger financial system integration.