Silver Circler comes together with US giant
The combined outfit will have a whopping 3,000 lawyers across 52 offices in 23 countries, and is expected to generate $2.7 billion (£2.05 billion) in revenue when the merger goes live next year.
The transatlantic tie-up follows two similar high profile UK-US mergers: Allen & Overy’s coming together with Shearman & Sterling to form A&O Shearman in 2023, and Herbert Smith Freehills’ combination with Kramer Levin earlier this year.
Corporate law’s latest marriage brings together Ashurst’s expertise in cross-border transactions, energy, infrastructure and financial services, with Perkins Coie’s strength in technology, IP, litigation and fintech. The two firms are also talking up their synergies around AI and innovation.
The tie-up also marks an interesting turn for Perkins Coie amidst its troubles with the Trump administration. In March, the US President issued an executive order targeting the firm over its past representation of Hillary Clinton — a move Perkins Coie successfully challenged in court. The government has since confirmed it will appeal the ruling.
The new firm won’t have a head office but rather be based around “flagship hubs” in key cities such as London, Seattle and New York, as well as Sydney where Ashurst has a major presence following its 2010 merger with Aussie firm Blake Dawson.
Ashurst currently offers 38 training contracts in London, while Perkins Coie had a low-key London trainee programme offering around 4 training contracts a year. Ashurst pays rookies £140,000 as newly qualified (NQ) solicitors, while Legal Cheek understands Perkins Coie pays NQs at the market topping rate of £180k. No statement has yet been made about Ashurst Perkins Coie’s future trainee intake numbers or salaries.
Leadership will be shared between Perkins Coie’s Bill Malley and Ashurst’s Paul Jenkins as global co-CEOs.
Bill Malley, Firm Managing Partner, Perkins Coie, said:
“Perkins Coie has a proud history of partnering with the world’s most innovative companies, helping them grow, and growing alongside them, which has underpinned our strong financial performance in recent years […] Ashurst complements our geographic reach and capabilities and shares our ambition to build a firm defined by ingenuity and collaboration. Together, we will combine resources and expertise to accelerate growth and set new standards for world-class legal service.”
Paul Jenkins, Global CEO, Ashurst, said:
“Our ambition for many years has been to grow in the U.S. with the right partner: a firm with deep, trusted expertise that complements our own. We have now found that partner – Perkins Coie is an ambitious, forward-thinking law firm meeting its clients at the forefront of technological change […] With Ashurst’s established global presence and sector expertise, and both firms’ reputations for challenging the status quo, I am confident Ashurst Perkins Coie will be a leading advisor across the key industries – technology, energy and infrastructure, and financial services – which are shaping the future of the global economy.”
The merger remains subject to partner approval and standard closing conditions, with an estimated completion date of autumn 2026. Until then, both firms will continue to operate independently.