Legal Business

London partners overlooked as A&O Shearman reveals post-merger leadership

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.

Two roles were also announced for Shearman leaders: current senior partner Adam Hakki will become co-chair of A&O Shearman’s board and executive committee and chair of the firm’s US business, while current global managing partner Doreen Lilienfeld will serve as co-managing partner of the merged firm’s US business.

It is unclear what these appointments mean for A&O’s current US co-chairs Kent Rowey and Karen Seward. The New York duo, a projects partner and an employment partner respectively, took over from outgoing chair Tim House less than a year ago, on 1 May 2023.

‘I am honoured that the partnership has put its trust in me to lead A&O Shearman as its first senior partner’, said Garousha in a statement. ‘Working closely with Hervé, Adam, Doreen, and other senior leadership, as A&O Shearman we will take forward our combined expertise and deep legal knowledge to achieve unparalleled outcomes for our clients on their increasingly complex legal and commercial challenges, wherever they and we operate in the world.’

Hakki was similarly effusive: ‘I am honoured and excited to be taking on these senior leadership roles for A&O Shearman. I am very much looking forward to working closely with our soon-to-be new partners and leadership team to deliver on our shared vision for an unparalleled global elite firm, centered on providing the highest level of service to clients in their most important matters worldwide. I am also pleased that these leadership roles have been designed to allow me to both serve the firm as a leader and actively represent clients in their most significant matters.’

The statement also says that: ‘Additional senior and other leadership appointments for the new firm will be drawn from both firms and announced in due course.’

The announcements of Hakki and Lilienfeld’s roles close the open questions about how much leadership authority would go to Shearman, often viewed as the junior partner in the merger, with $906.9m in revenue in last year’s Global 100 compared to A&O’s $2.57bn.

Garousha’s election can be seen as a vote for continuity. Outgoing senior partner Wim Dejonghe is set to come to the end of his second and final term on 30 April. Some in the market argued that managing partner Gareth Price, eligible to serve another term after first winning election in 2020, would stand for reelection this year as a continuity candidate. But Price resigned for personal reasons last July. Garousha then stepped into his role on an interim basis.

Garousha’s victory may come as a surprise to many in the London market. This is not due to a lack of status: partners at other firms with knowledge of A&O have described him variously as ‘incredibly well respected’, ‘uniquely talented’, and ‘a class act’. His loyalty to and knowledge of A&O were also well-regarded: he joined the firm from CMS in 2000 and made partner in 2004.

However, few viewed him as a figure with firmwide leadership ambitions. Indeed, some speculated that this perception made Garousha a good choice for interim managing partner with the role due to be contested soon, and reacted with surprise when his name was announced among the senior partner candidates.

Moreover, Abu Dhabi-based Garousha was the only candidate for the role not based in London. He beat both global projects, energy, natural resources and infrastructure board head David Lee and private capital group co-chair and global banking practice co-head Philip Bowden to step into Dejonghe’s shoes. Bowden also ran for senior partner in 2020 – and lost narrowly to then-first-term incumbent Dejonghe. Some have also argued that, as a capital markets partner, Garousha’s practice is further from the core of A&O’s identity than Bowden and Lee’s focuses on banking and finance.

Of course, part of the merger integration process will inevitably involve changing A&O’s identity. Few doubt that finance remains at the core of what the merged firm will try to achieve in its new transatlantic form. But if A&O was seeking to break market perceptions of it as a UK firm, a Magic Circle standard bearer, and reorientate it with the ‘global elite’ status that it and its peers aspire to, naming a new leadership team based entirely outside of London would be one way to do it.

Ekué, meanwhile, is another near-lifer, at A&O in Paris since 2001 with just one year at Clifford Chance before that. He won the role after defeating London advanced legal services delivery head Angela Clist, Hong Kong managing partner Vicki Liu, New York global international capital markets group head David Lucking, and Brussels global corporate practice co-head Dirk Meeus.

There is more continuity on the Shearman side. Hakki only took over from David Beveridge as senior partner a little less than a year ago, after Shearman’s prospective combination with Hogan Lovells fell apart in early March. But he was crucial in coordinating with Dejonghe to get the A&O merger done – a process that took place over a period of mere months before a public announcement last May that reportedly came as a surprise to not just the legal press but partners at both firms.

Last word in the announcement went to Dejonghe. ‘A&O Shearman will bring together some of the greatest legal talent in the world while maintaining a focus on clients, our people and wider society’, he said. ‘I’m delighted to pass the leadership baton to Khalid, Hervé, Adam and Doreen on May 1, and I wish them all every success in their new roles at A&O Shearman.’

alexander.ryan@legalbusiness.co.uk

Legal Business

Allen & Overy dodges data leak bullet as firm tight-lipped on ransom outcome

As the deadline for Allen & Overy (A&O) to pay a multimillion dollar ransom on its data passed by without incident on 28 November, the firm declined to comment on whether it had paid the cyber criminals off.

On 9 November A&O said it had suffered a ‘data incident’. Posts from X user and self-described ‘threat intelligence platform for cybersecurity’ @FalconFeedsio on Wednesday 8 November suggested that notorious cyber criminal group LockBit had targeted the firm, with a threat to release ‘all available data’ by 28 November.

Legal Business

Allen & Overy suffers ‘data incident’ as ransomware group LockBit claims responsibility

Allen & Overy has confirmed that it has suffered a ‘data incident’. Posts from X user and self-described ‘threat intelligence platform for cybersecurity’ @FalconFeedsio on Wednesday 8 November suggested that cybercriminal group LockBit had targeted the firm, with a threat to release ‘all available data’ by 28 November.

‘We have experienced a data incident impacting a small number of storage servers’, said an A&O spokesperson. ‘Investigations to date have confirmed that data in our core systems, including our email and document management system, has not been affected.

‘The firm continues to operate normally with some disruption arising from steps taken to contain the incident.’

The firm claims that the incident is under control: ‘Our technical response team, working alongside an independent cybersecurity adviser, took immediate action to isolate and contain the incident. Detailed cyber forensic work continues to investigate and remediate the incident.

‘As a matter of priority, we are assessing exactly what data has been impacted, and we are informing affected clients. We appreciate that this is an important matter for our clients, and we take this very seriously. Keeping our clients’ data safe, secure, and confidential is an absolute priority.’

A&O declined to comment further. The firm did not respond to requests to confirm LockBit’s involvement.

In June, GCHQ’s National Cyber Security Centre (NCSC) issued a joint advisory alongside agencies from the United States, Australia, Canada, France, Germany, and New Zealand stating that LockBit was ‘almost certainly the most deployed ransomware strain in the UK and that it continues to present the highest ransomware threat to UK organisations.’

LockBit hit Royal Mail with a ransomware attack in January and leaked Royal Mail’s data on 23 February after Royal Mail refused to pay both an initial ransom demand of £66m and a subsequent demand for £47m. The cybercriminal group also announced that it had hit Boeing in late October. Boeing confirmed the cyberattack in early November and was re-added to LockBit’s list of victims on 7 November after disappearing from the list on 30 October, according to FalconFeeds.

The SRA in June 2022 issued a risk outlook report entitled ‘Information security and cybercrime in a new normal’. In the report, it noted that ‘increased dependence on IT’ since the Covid-19 pandemic ‘creates more opportunities for cybercriminals.’

A&O is not the first major firm to suffer from a data breach. DLA Piper was shut down by a cyberattack in 2017. And in June, ransomware group CL0P posted the names of Kirkland & Ellis, K&L Gates, and Proskauer Rose to its leak site, although none of the firms responded to requests for comment.

BCLP, meanwhile, discovered it had been hacked in late February, in a breach that exposed the personal data of more than 50,000 current and former employees of client Mondelēz International. In June, a class action suit was filed against BCLP in the Northern District of Illinois. The case remains ongoing. BCLP did not respond to requests for comment.

‘These [data breaches] are causing a tremendous amount of harm’, said Thomas Zimmerman, an attorney at Chicago-based Zimmerman Law Offices, which is bringing the class action against BCLP. ‘Clients I represent who have had data stolen have dealt with loans being opened up in their names, their credit score hijacked, mortgages opened up in their names for homes. And they’re stuck with it, you can’t change a social security number like you can open a new bank account, people suffer the consequences for years.’

There has never been a data breach group action litigated in an English court. The prospects for bringing such a claim are complicated by the fact that opt-out claims can currently only be brought in England at the Competition Appeals Tribunal (CAT). And many in the market are sceptical that a data breach claim could be adequately formulated as a competition claim.

The A&O data breach was first reported in the Financial Times.

alexander.ryan@legalbusiness.co.uk

bethany.burns@legalease.co.uk

Legal Business

It’s a ‘yes’ from them – A&O and Shearman partners vote through landmark $3.5bn transatlantic deal

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.

The pair is expected 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 and 29 countries.

With combined revenue of roughly $3.5bn, the merged firm will sit comfortably within the top five of the LB global 100 – behind Kirkland & Ellis, Latham & Watkins and DLA Piper.

Partner voting on the combination kicked off on 28 September, and was scheduled to run until 13 October, with the firms needing to secure the approval of 75% of partners to get the deal over the line.

Announcing the move, A&O senior partner Wim Dejonghe (pictured) said: ‘This is a historic moment for both firms and our profession. We are delighted that our partners have voted so resoundingly in favour of this merger, which is a transformational step for the legal industry. We have long admired Shearman & Sterling for its outstanding reputation, talent, and client base, and we are confident that together we will create a truly exceptional global firm that will serve our clients’ needs in an increasingly complex and dynamic world.’

Shearman senior partner Adam Hakki added: ‘Our partners have recognized and welcomed this unparalleled opportunity to combine our individual market leadership and brands to serve clients as an integrated global law firm, preeminent in all our markets. A&O Shearman will be a firm unlike any other in the world, built to achieve exceptional outcomes for our clients through an intentional focus on quality, excellence, and collaboration. We are creating a new industry leader, with truly global capabilities, and we are excited for what is to come.’

The firms announced they were in merger discussions in May this year and the deal had been widely expected to go ahead, with management at both firms embarking on a series of roadshows around the world over the summer to shore up support.

The combination marks the first transatlantic merger involving a Magic Circle firm since Clifford Chance’s ill-fated union with Rogers & Wells in 2000 and comes after A&O held unsuccessful talks with O’Melveny & Myers in 2019.

Shearman, meanwhile, was engaged in talks with Hogan Lovells as recently as this year, with the pair announcing the end of discussions in March. The firm has struggled to keep pace with New York rivals in recent years. With its traditional banking client-base, it has not made the same push into private equity as its rivals, something management at the combined firm is keen to rectify.

Shearman has also been hit by partner exits around the world, including finance partners Philip Stopford and Korey Fevzi, who left in March this year to launch the English-law offering at Cravath, Swaine & Moore in London. The firm named respected litigator Adam Hakki as the senior partner successor to David Beveridge the same month.

Market reaction to the deal has been largely positive. Jomati founder Tony Williams, who was previously managing partner at CC before its US merger, commented: ‘A&O was lucky. The previous discussions with O’Melveny made partners understand how difficult getting a US deal is. The partners were more amenable to compromise on issues that, if not for that experience, might have been sticking points.’

Another commentator noted: ‘It’s been handled extremely well. Both firms have had failed merger attempts recently. Both sides understood the importance of managing communications – even simple things like who gets informed in what order. Communications strategy is crucial and has been really well handled. The whole thing was presented as a proper corporate deal.’

The deal will heap pressure on the remaining magic circle firms to come up with credible offerings of their own in the US. There has not been a significant UK/US merger since 2018, when BCLP was created. This deal came after Eversheds Sutherland was formed in 2017, while Norton Rose Fulbright happened in 2013 and Hogan Lovells in 2010.

As Williams commented: ‘It’s transformative in one key respect: it is a fundamental shift in what the top UK firms have been able to achieve in the United States.’

‘You’ve now got one more 64,000lb gorilla, with a unique capability that doesn’t really exist elsewhere’ adds a former UK firm head. ‘A&O Shearman now has a capability that the other Magic Circle firms don’t have. These things don’t change overnight – no one will be out of business all of a sudden. But over time, over around 10 years, it could be transformative. It’s like a snowball. It gathers momentum. It’s really a challenge for the [rest of the] Magic Circle.’

Maurice Allen, founder of legal consultancy LTN & Partners, argued that in addition to the direct benefits from the merger itself, the merged firm will also be a more attractive proposition for other lawyers, potentially making it easier to further build on the corporate side: ‘It’s a big leg up for clients and for recruitment. There’s no doubt A&O is more attractive now.

‘For people sitting in London, either at a US firm where they’re not enjoying life, or at a UK firm where they feel they aren’t reacting to the challenge of the US firms, A&O Shearman starts to look very attractive.’

Legal Business

A&O Shearman merger vote to kick off this month as pensions issues overcome

Allen & Overy and Shearman & Sterling today (18 September) announced that their respective partnerships will start voting on their proposed merger on 28 September, with the voting window to close on 13 October and results announced soon after. For the merger to be voted through, 75% of the partnerships will have to vote in favour of the deal.

‘Over the past few months, partners and teams from both firms have been meeting and building relationships, and the excitement about the opportunities for the merged firm is palpable’, said A&O senior partner Wim Dejonghe (pictured) in a statement.

‘We have made significant progress since announcing the combination, and our clients have expressed enthusiasm for the combination and for what A&O Shearman will be able to deliver’, agreed Shearman senior partner Adam Hakki. ‘Our partners and colleagues are very much supportive and eager to launch the combined firm.’

Over the summer, Dejonghe and Hakki made several ‘roadshow’ trips to many of the two firms’ offices around the world to field questions from partners and to bolster support for the combination.

Now, the two firms also report ‘the successful completion of a number of key transaction milestones’, including financial and operational due diligence and ‘the filing of requests for antitrust clearances’. Crucially, the statement also confirms ‘the completion of approval for all required modifications to retirement and pension programs.’

Many in the market saw Shearman’s pension liabilities as the biggest potential sticking point for the merger, and they are widely considered to have been the issue that caused Hogan Lovells to walk away from its own mooted combination with Shearman in March.

Comments in September from Hogan Lovells’ chief executive Miguel Zaldivar did little to dispel this perception: ‘We are not interested in deals that come with significant pension obligations, debts, or firms that have experienced a drop in revenue, talent, or partners.’

A&O has continued a spate of hiring activity in the months since the merger was announced, in particular in the US, though it did see some losses in other regions. The firm also faced some disruption with the shock resignation in July of managing partner Gareth Price, ‘for personal reasons’, with Abu Dhabi capital markets partner Khalid Garousha named as interim managing partner two weeks later.

Shearman, meanwhile, has faced a steady trickle of partner departures, including in July the loss of five partners in one week across its London and Washington DC offices.

Few in the market view these departures as cause for concern, however, and most accept that some level of rationalisation is a natural part of a merger of this scale.

The two firms themselves remain optimistic. The official announcement notes that ‘all transaction milestones have been met thus far and support for the combination among clients, partners, and colleagues has been overwhelmingly positive worldwide.’

With the pension issue put to bed, this confidence may prove well-founded.

alexander.ryan@legalease.co.uk

Legal Business

A&O names Garousha interim managing partner ahead of Shearman merger vote

The board of Allen & Overy has chosen Abu Dhabi capital markets partner Khalid Garousha (pictured) as interim global managing partner as the dust has started to settle on the shock resignation of Gareth Price.

The move, announced today (27 July), came after senior partner Wim Dejonghe covered the role since the firm on 13 July announced Price’s departure for ‘personal reasons’ at the same time as releasing its financial results.

Garousha, who will remain as regional managing partner of the Middle East and Turkey, will take on the global managing partner role on 1 September and will serve until 30 April 2024.

‘Khalid is ideally suited to take up the role’, said Dejonghe in a statement. ‘I would like to thank him on behalf of the firm for his commitment and leadership. I look forward to working closely with him to continue delivering on our strategic aims, staying focused on our clients and people and holding the proposed merger vote by the end of October.’

The move comes at a time of great upheaval for A&O. In addition to the proposed tie-up with Shearman & Sterling, the firm has leadership elections scheduled for early next year, with Dejonghe’s second term as senior partner set to come to an end.

Commenting on his appointment, Garousha said: ‘It is a privilege to be asked by the board to take up this role. Wim and I will work together during this exciting time to continue growing our firm and to deliver excellent service to our clients.’

alexander.ryan@legalease.co.uk

Legal Business

A&O managing partner Price departs pre-merger as revenue passes £2bn

Allen & Overy today (13 July) announced the shock resignation of managing partner Gareth Price amid a set of financial results that saw the Magic Circle firm break £2bn in revenue for the first time.

The firm said Price’s resignation was due to ‘personal reasons’ and came as revenue jumped nearly 8% from £1.94bn last year to £2.1bn in 2022/23. While eye-catching, the level of turnover growth fell slightly short of the 10% uptick achieved last year, of which more than half was attributed to A&O’s US business.

Profit per equity partner (PEP) dropped 6.6% from £1.95m to £1.82m, while profit before tax dipped slightly to £892m after a 9% hike to £900m last year.

Price was elected A&O’s managing partner in February 2020. News of his departure has been met by surprise, not least because he had been hotly tipped internally to stand again for managing partner in the firm’s 2024 leadership elections, a move that could be seen as a vote for continuity as A&O faces inevitable challenges posed by its proposed merger with Shearman & Sterling.

‘The board has asked me to step in to cover the [managing partner] role’, senior partner Wim Dejonghe told Legal Business. ‘They will make a decision on a more permanent solution in the autumn. Leadership elections were scheduled for early next year, after the merger vote. The board also has to decide whether they stick to that schedule or not.’

On the financials, A&O reported strong growth in private capital revenue of more than 60% for the last two years. In the US, ‘growth and expansion has remained a high priority’ – unsurprising given the firm’s pursuit of the Shearman merger. A&O pointed to the region as one of its strong performers, alongside Africa, Europe, and the Middle East, which saw its ‘strongest financial performance ever’, driven by what it describes as ‘a hot IPO market’, as well as by opportunities in Saudi Arabia.

A&O’s Advanced Delivery & Solutions (AD&S) business also grew by 13%.

While the US accounted for over 50% of the firm’s revenue growth last year, this year Dejonghe said it accounted for less than half. ‘It’s up in absolute figures, but it’s not 50% of the growth,’ he said.

A&O also reported strong performance in energy transition, technology, and private capital: ‘With the energy transition, there’s a lot of financing needed in the energy and infrastructure space. That’s definitely a strong growth point for us. Technology, both on the litigation and the transactional side, has also seen massive growth, as has private capital on the debt side,’ Dejonghe added.

Dejonghe explained the drop in PEP with reference to macroeconomic conditions and a competitive legal market. ‘We’re in an inflationary environment. Costs generally have gone up. And of course there’s been a salary war in the industry around the world. We’ve defended our position, and we’ve had to spend quite a bit more on salaries to keep and recruit the best talent.’

A&O has no plans to slow its investment. ‘In terms of sectors, we’re focusing on technology, energy transition, and private money. We’re investing quite heavily in those practices around the world.’

But, unsurprisingly, the lion’s share of attention will go to the proposed combination with Shearman. ‘Obviously, the merger will be a priority going forward’, said Dejonghe. ‘There’s no doubt about that.’

alexander.ryan@legalease.co.uk

Legal Business

Pride Month 2023: ‘I was told that I needed to tone my “gayness” down in order to be successful’

Allen & Overy DE&I ambassador Justin Farrance on the challenges still facing the City law LGBTQ+ community and how social media can drive change.

You use social media as a key platform for advocating for LGBTQ+ representation – what led you to start doing this?

When deciding to enter the profession, I was told that I needed to hide my sexuality, or ‘tone my gayness down’, in order to be successful. I was left to believe that I simply cannot succeed by being myself. I slowly became more comfortable and as a result of the support I received from Allen & Overy and various mentors, I wanted to make sure others were not made to feel the same way I once was.

How effective a tool have you found it? 

I started using social media as a way to reach wider, more diverse audiences. I really only had one goal, which was to make sure others felt that they belonged, no matter their background, gender, sexuality or identity. When I started posting, only a couple of people would view my posts. Now my LinkedIn posts are often viewed by 200,000+ people, showing just how important it can be to use your voice for good.

I use social media in my role as ambassador for DE&I at Allen & Overy, to amplify and continue our important DE&I work as well as spotlighting our incredible teams – it’s been an impactful way to hear from colleagues and clients from across most corners of the world.

What has been your biggest achievement on social media and worst experience?

My biggest achievement has been receiving an award and written letter from the Prime Minister – those things don’t happen to me! I started to support people through social media and didn’t expect my story or charity to resonate with so many people. Seeing a letter at work stamped from 10 Downing Street was a full circle moment when I look back at the barriers I’ve faced.

I’m also really happy that I took the step to found a DE&I focused charity (GROW Mentoring) with no financing and no paid advertising, with social media in part helping to amplify our message.

In terms of my worst? I occasionally receive hateful messages purely because of my sexuality – I’m lucky and grateful to have a very close support network during those times.

What is the single biggest challenge still facing the LGBTQ+ community in City law? How can it be addressed?

Some LGBTQ+ people feel that they will not be able to rise to the top of the profession – for a number of reasons. We also have a way to go in supporting and increasing the number of Trans colleagues within our profession, focusing on ensuring they feel that they can progress and thrive in their legal careers.

What motivated you to actively use your position to advocate for LGBTQ+ voices in the legal sector?

I feel very lucky to be the first ambassador for DE&I at Allen & Overy, having pivoted from my role as an associate in late 2022, and there’s an element of privilege attached to that compared to other regions around the world. Working at Allen & Overy has allowed me to progress and meet some of the most inspiring people from around the world. When you’re surrounded by inspiring people, you begin to grow and feel that you too can make a positive impact. I’ve supported and led diversity initiatives across our Middle East region and European offices, with a brief visit to New York – there is a great deal of impact from sharing best practice from different regions and bringing colleagues together.

I founded a GROW Mentoring, a DE&I focused charity, during the Covid lockdown to support students who may be facing similar barriers to me. The charity was founded as a result of some of the situations I faced, and I wanted to play a small role in helping others, even if only removing one or two barriers. I never experienced the charity to scale so fast, where we now support 4000+ students from more than 100 universities.

How has the industry improved since you began your career?

I began my career as a worried trainee who was still not entire comfortable in his own skin. I’m now in a role speaking publicly about the importance of diversity in the firm and working with our leadership team on meaningful DE&I initiatives as a priority. I have seen a great deal of improvements and better representation across the profession, but we still have a way to go – especially from a global perspective. To think that I founded a charity along the way and am now in a new role and career at A&O, focused on amplifying and supporting our global DE&I strategies is pretty surreal and something I’m really proud of.

How helpful are role models in pushing change?

I think visibility, representation and role models are key. We often talk about the importance of role models for those entering the profession, but role models are also crucial for current professionals, no matter their level of seniority. Until we reach a stage where everyone can comfortably be their authentic self at work within the industry, we should continue to spotlight and empower role models at all stages. In my role I have the privilege of spotlighting and amplifying many of our inspiring role models who do incredible things to support others and I’m always left really inspired by the work they are doing, often behind the scenes, to make the workplace more accessible and inclusive.

Amy.Ulliott@legal500.com

Legal Business

Departures from Shearman and Allen & Overy as merger is unveiled and energy dominates lateral hiring

Following the announcement of the proposed A&O Shearman merger, news came that Shearman & Sterling had lost two partners to Ashurst in London, which leads the headline moves – dominated by energy and infrastructure hires – in recent weeks.

London-based Shearman partners Sanja Udovicic and Julia Derrick moved over to Ashurst to expand the firm’s global energy team.

Legal Business

Getting its mojo back: How A&O Shearman could redefine the Magic Circle

The proposed merger of A&O and Shearman & Sterling has got the market talking about the biggest news in the legal industry for decades. LB finds commentators sanguine on the deal – but management will have much work garnering partner support this summer ahead of the vote.

‘Allen & Overy and Shearman & Sterling to create the first fully integrated global elite law firm,’ proclaims the 21 May joint statement from the two firms, stating their intent to merge to create Allen Overy Shearman Sterling. Thankfully, the branding gurus also came up with the far snappier (and not quite so ampersand-devoid) A&O Shearman, ‘for short’. The combined firm would boast 3,900 lawyers across 49 offices and roughly $3.4bn in combined revenues.