Subject to a partner vote
Partners at all three firms — who are said to be “playing talks extremely close” — are yet to vote on the merger. But with detail thin on the ground The Lawyer (£) is claiming that Nabarro’s partners will convene tomorrow (30 September) to decide whether to give the move the green light.
The newly formed firm — which would offer around 90 training contracts annually, based on current individual totals — would have over 30 offices and a combined revenue of just under £1 billion.
CMS is becoming a merger specialist of sorts. Back in 2008, the firm swallowed up Romanian outfit Hayhurst Robinson. Then, in 2014, it merged with Edinburgh-headquartered law firm Dundas & Wilson. Since then, the firm has performed respectably, posting an increase in turnover this year of 8.4% to £735.2 million and a rise in profits by 6.8%.
Nabarro has also been doing well financially, with revenues up again this year after a stonking 2015 which saw profit per equity partner soar 21%. Olswang, on the other hand, has been having a tough time of late — revenue at the firm was down 11% this year.
Anyway… more importantly, what should this potential new giant be called? Answers in the comments please.
UPDATE: 12:57pm – Friday 30 September
CMS, Nabarro and Olswang have issued the following joint statement:
We can confirm that the leadership of CMS, Nabarro and Olswang are in discussions about a potential combination. The leadership consider this combination would create a differentiated, modern firm that would combine scale with an exceptional depth of sector expertise. The combined firm would provide clients with a stronger and more global platform served by 65 offices across 36 countries, underpinned by a 250 year City heritage. There should be no assumption as to the outcome of these discussions and we will update in due course.