As Ashurst dots the Is and crosses the Ts on its merger with Australian top-tier firm Blake Dawson, a number of partners report an internal mood of resignation, despite a two-year courtship that has avoided significant tension or fallout.
As Legal Business went to press, both firms were to vote on full financial integration following the 2011 deal that aligned the pair ahead of this year’s vote. The merger will create a top 50 global law firm with revenues of well over £500m.
With the 75% majority vote brought forward from the end of October, the combination will comprise one partnership and a shared global profit pool, bolstering Ashurst’s existing offices in Singapore and Tokyo, and adding Shanghai and Papua New Guinea alongside its fifth Asian office in Hong Kong.
With Asia still a target, despite a slowdown in the region, partners appreciate the long-term benefits of the merger to Asia-Pacific coverage.
The impending union has received mixed views from partners, with some questioning the case for a union with an Australian practice rather than focusing on a US tie-up.
One current partner, commented: ‘There have been too many meetings, too many papers and far too much emotion on this. There are parts of the firm that have not been as busy and this has been a nice distraction for them.’
This comes as the firm finalises its post-merger leadership team, including electing a chairman and vice-chairman to replace the senior partner role currently held by Charlie Geffen.
A vote concluding in mid-October is set to resolve the combined firm’s senior governance. As Legal Business went to press, two other candidates had put themselves forward to challenge Geffen as chair: Ashurst dispute resolution partner Ben Tidswell and Ashurst Australia competition and consumer protection partner Peter Armitage.
However, Geffen is widely expected to secure the top role and one banking partner says: ‘I can’t see a change in chairman in the short term. It would concern me if there was a change – maybe in two or three years’ time.’