The worst-kept secret in global law finally became official in November. Norton Rose and Fulbright & Jaworski announced their 3,800-lawyer tie-up in June 2013, creating a $1.9bn firm comfortably inside the top ten largest in the world. It’s been a long time coming. We first spoke of merger rumours between the two firms in 2008 and the market has been awash with speculation ever since. Continue reading “Norton Rose Fulbright aims at Global Elite”
Cohesion critical in proving three into one does go
By the time you read this Dentons (as anyone sane will call it), a three-way merger between SNR Denton, Salans and Fraser Milner Casgrain, should be formally approved (see opposite). That is unless there’s a late spanner in the works, and with merger negotiations you can never be sure.
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Panic has ramped up merger mania
A clear message from last month’s LB100 report was that the merger of two firms that have ‘simply cuddled together for bodily warmth to escape the chill of the recession’ could be a defective strategy. However, it seems that the appetite for mergers between struggling firms in the mid-market shows no signs of slowing down. Continue reading “Panic has ramped up merger mania”
Freebies needs to address profitability concerns from the get-go
By the time you read this the Herbert Smith Freehills merger will be live – a firm with revenues of over $1.3bn and more than 2,300 lawyers.
After a difficult few years for Herbert Smith, will the merger be the right medicine for the firm? Well, it’s not a cure-all but it’s a good start.
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Positive early signs at combined firm King & Wood Mallesons
King & Wood Mallesons (KWM) has enjoyed a successful first six months as a single firm, according to Handel Lee, head of the firm’s East China offices, who added that Africa could be the next destination for the firm en route to London and New York.
The firm, which went live in March, topped mergermarket’s Asia-Pacific (excluding Japan) M&A league tables for volume for the first half of 2012, placing it ahead of Baker & McKenzie, Freehills and Clifford Chance in the table. The firm did 35 deals worth a total of $9.2bn.
Continue reading “Positive early signs at combined firm King & Wood Mallesons”
Tough decisions needed for LG/FFW
Ahead of our LB100 report next month, one merger is on the table that requires some hard choices now to be a future success.
Lawrence Graham (LG) has confirmed it is ‘evaluating a merger’ with City rival Field Fisher Waterhouse (FFW). The deal would put the new firm comfortably in the top 25 of the LB100 with an expected turnover of over £150m. Continue reading “Tough decisions needed for LG/FFW”
Shakespeares and Harvey Ingram announce merger
Acquisitive Birmingham firm Shakespeares has continued its explosive growth of the last few years by announcing that it is set to combine with Leicester-based stalwart Harvey Ingram on 1 August 2012.
At press time both firms were expected to vote overwhelmingly in favour of a union in a partners’ ballot at each firm at the end of June, according to Shakespeares’ commercial director Hamish Munro.
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The glue that binds
As the Swiss Verein legal structure becomes increasingly popular among global law firms, the debate hots up over whether its use is a true representation of global expansion. But what is a Verein and who does it benefit?
The Swiss Verein is all the rage. Law firms have turned to the legal structure to help co-ordinate large international mergers, modelling their expansive structures after the Big Four accounting firms: KPMG, PwC, Deloitte and Ernst & Young. With the appetite for mergers continuing unabated in 2012, as seen recently with the March collaboration of King & Wood Mallesons, the Verein seems to be the structure of choice for law firms.
Pinsents and McGrigors tie-up gets rubber-stamped
Pinsent Masons and McGrigors confirmed in early February that partners had voted in favour of the two firms merging. The new firm will operate from 1 May as one unified partnership under the Pinsent Masons brand.
Management says that the combination will likely see the creation of a near £300m, 1,500 lawyer business spanning 15 offices, seven of which are outside of the UK.
Continue reading “Pinsents and McGrigors tie-up gets rubber-stamped”
Mergers – Answers on a postcard
Despite much hype over mid-market consolidation recently, the number of mergers between law firms in the UK has been modest. LB discovers why not every struggling firm is looking for a tie-up
If you were to slap an ‘at risk’ sign on any segment of firms in the LB100 then it would have to go somewhere on that diverse group of City firms that pull in between £20m and £70m in turnover. The list of threats to their businesses is growing. From pricing pressures in a crowded market to a lack of differentiation and a stagnant transactional market, there is much to think about. ‘If you’re not growing turnover now, you’re not going anywhere nice,’ one commentator suggests.