Combination shot

At the time of last year’s Global 100 survey, the market was awash with rumours of merger activity. In much the same way that the restructuring market took longer than expected to pick up, the anticipated wave of consolidation had at that point failed to materialise. But expectation was rife.

With the second 50 finding themselves increasingly squeezed in markets saturated to breaking point, we concluded that if mergers (or combinations, if you’re reading this from across the Atlantic) were going to take place, these were the firms likely to be doing it. A year down the line, our predictions have been borne out. No fewer than eight mergers have been completed by second-50 firms since our last survey, and although just two – Bryan Cave and Duane Morris – admitted that they are actively seeking a tie-up, 70% of those that responded said they would be open to the possibility.

Of those eight mergers, one in particular stands out. Norton Rose pulled off what was arguably the most significant merger of the last financial year, acquiring Australian mid-market firm Deacons. The move gives Norton Rose over 500 lawyers and almost 150 partners throughout five Australian offices, and has seen a joint board formed, with Deacons’ chief executive Don Boyd sitting as deputy to current Norton Rose CEO Peter Martyr. Stephen Parish remains in the chair role he was elected to this March.

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