Legal Business

The cost of culture – HSF finds mega-mergers always come at a price

This month’s cover feature on Herbert Smith Freehills (HSF) looks in hindsight like an informal trilogy on storied London firms agreeing high-stakes mergers, following earlier pieces on Hogan Lovells and Ashurst.

Taken together, patterns and contrasts emerge. The legacy Herbert Smith, Lovells and Ashurst were all wrestling with similar cultural and strategic issues ahead of their unions as they struggled to compete against larger and more driven rivals.