A team from the Paris office of New York-based Kramer Levin is scheduled to join Morgan Lewis’ Paris office on 1 January.
Continue reading “Kramer Levin’s Paris office joins Morgan Lewis amid HSF merger deal”
BDB Pitmans has completed its rebrand as Broadfield, joining as the founding member of a planned global network of mid-market firms established by US turnaround firm Alvarez & Marsal (A&M).
Broadfield officially launched this week (2 December) after signing up BDBP as its first earlier member this summer.
BDBP, which has four offices in London, Reading, Cambridge and Southampton, was formed by the 2018 combination of Bircham Dyson Bell and Pitmans. It is known to have been considering expansion options for some time, including holding merger talks with Womble Bond Dickinson.
Broadfield UK managing partner John Hutchinson – who became managing partner at BDBP last October after 30 years at the UK firm – told Legal Business that Broadfield is now expecting to announce a second member firm in the first quarter of 2025, and that it ‘may well be’ a US firm.
Earlier this year, he told LB that discussions with a New York firm were underway, and it is understood that those talks are still ongoing.
Hutchinson estimated that there would be a period of around six months between a firm agreeing to join Broadfield and becoming an official member, although this could vary depending on the firms involved.
The Broadfield venture was unveiled this July. An A&M subsidiary, SHP Legal Services (SHPLS), has been set up to support the Broadfield network. In a statement announcing the launch, Broadfield said that SHPLS will provide ‘management services to law firms joining Broadfield in the areas of technology, operations and talent acquisition.’
Member firms will have access to a technology stack maintained by SHPLS, although Hutchinson confirmed that while some tech improvements would be immediate, full access to the stack would not be available until a period within the next financial year.
In a statement, Broadfield said that SHPLS will provide management services to law firms joining the network “in the areas of technology, operations and talent acquisition.”
SHPLS is led by former McDermott Will & Emery chair Peter Sacripanti as CEO, alongside US lead John Hendrickson, also a former McDermott partner, with former EY financial services UK managing partner Christopher Price leading UK and EMEA operations.
In an interview earlier this year, Price told LB that Broadfield is hoping to add three other firms to the network – including at least one in the US and another UK firm – in the first twelve months.
With the exception of the US, there will be only one Broadfield firm per jurisdiction; as such, any UK firms that join would merge into Broadfield UK.
Firms signing up to the network will retain their own governance, although there will be planning boards that determine the overall direction of Broadfield.
For more on the deal, see Broadfield of dreams: BDB Pitmans signs up for new Alvarez & Marsal legal venture
While Herbert Smith Freehills is one of the best-known legal brands in the UK, it is fair to say that Kramer Levin does not have the same name recognition. So who is HSF’s prospective merger partner? Here’s everything you need to know.
Continue reading “Getting to know Kramer Levin – a guide to HSF’s merger partner”
Since the A&O Shearman merger went live in May, there has been no shortage of market speculation about which transatlantic duo would be next to tie the knot.
However, few had predicted Monday’s (11 November) news that Herbert Smith Freehills is set to combine with New York’s Kramer Levin, a deal which will create a new $2bn, 2,700-lawyer firm.
The proposed tie-up, which the firms announced in a joint statement, remains subject to a partner vote at both firms, but if confirmed, is set to go live on 1 May next year.
The combined firm will be known as Herbert Smith Freehills Kramer – operating as HSF Kramer in the US – and will operate with one single global profit pool, following in the footsteps of A&O Shearman, which also eschewed the verein model.
While HSF is the much larger of the two firms, with 23 offices across Europe, Asia-Pacific, the Middle East, New York and South Africa, Kramer Levin is the more profitable, with 2023 profit per equity partner of $2.41m (£1.87m), according to law.com, compared to HSF’s 2023-24 figure of £1.315m.
HSF’s revenues of £1.3bn will be boosted by around £330m by the deal, pushing it past the $2bn mark and placing it on the fringes of the world’s 25 largest law firms.
While HSF has had a small New York base since 2012 – the same year the merger between legacy UK firm Herbert Smith and Australia’s Freehills went live – it has long harboured ambitions to bulk up in the States. In a statement, HSF chair and senior partner Rebecca Maslen-Stannage (pictured) described the deal as ‘transformational’.
‘We have long been committed to expanding our offering in the US and Kramer Levin is the perfect fit,’ she said. ‘The combination delivers immediate growth for both firms from day one.’ Global CEO Justin D’Agostino added that the deal was ‘just the beginning… an excellent long-term, strategic move.’
Kramer Levin is led by co-managing partners Howard Spilko and Paul Schoeman, who described the deal as ‘a one-of-a-kind opportunity’, while also citing the firms’ cultural alignment.
In addition to its three US offices in New York, Washington DC and Silicon Valley, Kramer Levin also has a well-established Paris base, which has been in operation since 1999, although this office will be spinning off and will not be part of the merger.
In terms of practice strength, Kramer Levin has five top-tier Legal 500 rankings: advertising and marketing litigation; immigration; land use/zoning and both corporate and municipal restructuring.
The US firm also has rankings for commercial disputes, employment litigation and appellate work, adding heft to HSF’s traditional disputes credentials, as well as transactional capabilities in mid-market M&A and private equity.
Announcing the deal, the firms cited shared strengths in private capital, M&A, restructuring, securitisation, real estate, white collar corporate crime and investigations, class actions, IP, and arbitration.
A&O Shearman is set to cut 10% of its partnership, close its South Africa office and end its consulting business, in the firm’s first major reorganisation since it completed its merger this May.
While the legal market is never short of speculation about the next potential merger, last month saw news of an eye-catching deal bringing two parties from very different markets together with a fresh approach. Continue reading “Broadfield of dreams: BDB Pitmans signs up for new Alvarez & Marsal legal venture”
As the latest edition of Legal Business went to press in late April, Allen & Overy (A&O) and Shearman & Sterling were working to a deadline of their own – the 1 May go-live date for their mega-merger.
The headline figures are undeniable – A&O Shearman will come into existence with 4,000 lawyers in 48 offices across 29 countries, as well as $3.5bn in revenue; enough to rocket it up to fourth place in the Global 100.
Allen & Overy and Shearman & Sterling today announced (1 March) the names of the key leadership term that will head A&O Shearman once the $3.5bn merger completes on 1 May – with no UK-based partners making the line-up.
A&O’s current interim global managing partner and Middle East and Turkey regional managing partner Khalid Garousha has been elected senior partner of the combined firm. The managing partner role, meanwhile, has gone to current Paris managing partner Hervé Ekué.
Continue reading “London partners overlooked as A&O Shearman reveals post-merger leadership”
‘You’ve now got one more 64,000lb gorilla,’ said one former UK firm leader, in response to the news that the merger of Allen & Overy (A&O) and Shearman & Sterling will proceed.
On 13 October, the firms announced the end of partnership voting on the combination, with more than 99% of votes cast at each firm in favour. The firms are due to combine as A&O Shearman from May 2024 at the latest, creating ‘the first fully integrated global elite law firm’, with nearly 4,000 lawyers across 48 offices in 29 countries. Continue reading “Partners vote yes on A&O Shearman – now they have to make it work”
Allen & Overy (A&O) and Shearman & Sterling are set to go ahead with their transatlantic merger, after partners at both firms voted overwhelmingly in favour of the union, with support from more than 99% of votes cast at each firm.
