Legal Business

Buck-passing and buyers’ remorse as KWM saga nears end

Though it will be outdated by the time this issue hits desks, I am professionally obligated I suppose to return to the subject of King & Wood Mallesons (KWM) as the firm’s troubled European business reaches what must be the decisive chapter of its post-merger tale.

With the recapitalisation deal having failed to secure the required backing from the legacy SJ Berwin partnership that would have seen its Australian and Chinese counterparts offer much-needed support, the only obvious next step in Europe if the firm is to stay in anything like a coherent whole appears to be a transfer to another firm. With debts over £30m and partners peeling away, the chances of that outcome do not look great. That is even before you address the complications of shifting part of a business contained within a multi-profit centre verein.