Midlands-based Browne Jacobson is in late-stage merger talks with London-based construction and insurance specialist Beale & Co to create a firm with eight offices and a turnover of £82m – putting the combined firm in the top 50 of the Legal Business 100.
In a joint statement, Iain Blatherwick, managing partner at Browne Jacobson, and Antony Smith, senior partner at Beale, said the combination, which would have over 1,000 staff and 137 partners, could offer clear strategic benefits.
‘We have been in discussions for some time and can now confirm that we have agreed heads of terms. Our practice
areas are highly complementary and we believe there is a strong strategic and cultural fit. Over the coming months, further discussions will take place to agree the steps for bringing both firms together in a merger.’
Browne Jacobson has offices in Birmingham, Exeter, London, Manchester and Nottingham, and, in addition to building up strength in London, would gain a presence in Bristol, Dubai and Dublin by combining with Beale.
Last year Browne Jacobson announced a 9% increase in turnover to £64.3m, leading to a 5.5% bonus to employees as part of its annual performance award scheme. Fee income for Beale stood at £14.7m for the financial year 2015/16.
Key sectors for Browne Jacobson include brands, education, financial services, health, insurance, private sector, public, retail and technology, while Beale has a strong offering in construction engineering and infrastructure as well as insurance.
The domestic UK market has seen a fresh surge of tie-ups in the last year, most notably CMS Cameron McKenna, Nabarro and Olswang combining in May, while Addleshaw Goddard has sought Scottish coverage through its merger with HBJ Gateley.
kathryn.mccann@legalease.co.uk