The Last Word: Merger mania

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‘Consolidation is an inevitable response in a market such as ours. There is only so much work, and we are all under pressure to be more efficient.’

Mark Rigotti, HSF

Following the proposed combination of CMS Cameron McKenna, Olswang and Nabarro, we asked law firm leaders their views on consolidation in the City

 

Global ambition

‘The demands our clients place on us to be ever more global, to handle matters that cross multiple borders, and to provide a comprehensive and quality-consistent service across a broader spectrum of expertise and geographies, means these ambitious mergers and combinations in the legal industry are inevitable and will likely continue apace. The trick to whether they will stick, though, is in the integration; it’s easy to do a merger, but it’s hard to really become merged – truly one partnership, one offering.’

Tamara Box, managing partner for Europe and the Middle East, Reed Smith

 

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Regional player Shakespeare Martineau post-merger turnover drops to £71m

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Shakespeare Martineau has revealed its first post-merger turnover figure of £71m, down 6% on the combined figure of £75.6m for legacy Shakespeares which stood at £49m and legacy SGH Martineau which was £26.6m for the financial year 2014/15. The firm’s profit per equity partner came in at £236,000.

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Comment: How KWM became Rogers & Wells II but with less staying power

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A fêted global giant acquires a punchy mid-tier player to provide coverage in a key global region. Hopes are high. Yet just a few years later the combined firm is plagued by culture clashes, an identity crisis and damaging departures. Buyer’s remorse sets in and the ‘acquired’ firm longs for freedom or even just the good old days.

Continue reading “Comment: How KWM became Rogers & Wells II but with less staying power”

KWM becomes Rogers & Wells II but with less staying power

Posted on |

A fêted global giant acquires a punchy mid-tier player to provide coverage in a key global region. Hopes are high. Yet just a few years later the combined firm is plagued by culture clashes, an identity crisis and damaging departures. Buyer’s remorse sets in and the ‘acquired’ firm longs for freedom or even just the good old days.

As we report this month in our cover feature on King & Wood Mallesons (KWM), the painful reality is that SJ Berwin has become, for the global legal market, the modern equivalent of Rogers & Wells, the troubled US acquisition that halted Clifford Chance (CC)’s once unstoppable momentum.

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DAC Beachcroft deepens relationship in Malaysia with application for joint venture

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Last month DAC Beachcroft became one of a few firms to take advantage of the liberalisation of the Malaysian market as it applied to the country’s Bar council for a joint venture (JV) licence with Kuala Lumpur-based association firm Gan Partnership.

According to Gan Khong Aik, one of four partners at Gan Partnership, the two firms have been in a formal association for the last four or five years. The Malaysian practice, which specialises in corporate commercial, dispute resolution and intellectual property is hoping to expand its offering in reinsurance and insurance through formalising its relationship further with DAC.

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Linklaters calls off China merger hunt as partnership backs Shanghai spinoff

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Linklaters‘ partnership has decided against pursuing a fully-fledged merger to secure credible China law coverage and voted through plans for a local spin-off set to launch later this year.

Three PRC lawyers in Linklaters’ Shanghai arm are set to create their own firm, which Linklaters will form a best friend agreement with. With talks having fallen through with Shanghai Capital Law & Partners and Shanghai Kai-Rong Law Firm at the end of last year to form a JV under new rules of the Shanghai Free Trade Zone, the new firm will enter into a ‘joint operations’ agreement once local regulators allow. Continue reading “Linklaters calls off China merger hunt as partnership backs Shanghai spinoff”