Follows positive discussions
If approved, the newly-formed firm will boast around 3,300 legal professionals, including partners, and annual revenues of £735 million.
Although nothing is finalised, the duo confirmed detailed discussions had taken place and due diligence is now complete.
The Legal Cheek Firms Most List 2022 shows Clydes is the bigger of the firms, with an annual trainee intake of around 45. BLM, meanwhile, takes on around 25 rookies each year. Both outfits scored an A for training in our latest Trainee and Junior Lawyer Survey.
Rumours of a possible tie-up first emerged in November last year, although both firms declined to comment on them specifically at the time.
Clydes said the deal would enable it to grow and provide the full scope of services, technology, data analytics and innovation that clients in the insurance market require.
“We consider a merger such as this the best way to realise these ambitions,” a spokesperson said. “BLM is a firm we have long admired and we believe a merger can be formed on the basis of our complementary client rosters and our shared focus on quality.”
A spokesperson for BLM said both outfits are “dominant in risk and insurance and our respective businesses complement each other”. They added: “Whilst Clyde & Co is a global business, we both have an extremely strong presence in the insurance sector in the UK and Ireland. Clyde & Co also boasts a strong offering in business and advisory services.”
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