UK-based law firms Speechly Bircham and Withers are in talks about a potential merger, in a bid to create a GBP170 million-worth City firm comprising of approximately 500 lawyers.
The merger will potentially lead to a combined business of around 200 partners across 11 global offices.
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Both firms have a focus on private client work, while the deal is also seen as an opportunity to add Speechlys’ heftier corporate and real estate practices in London wih Withers’ international network in 10 locations.
A merger would put the combined outfit on the brink of the top 20 UK firms by turnover, with Addleshaw Goddard last year ranking 21st with GBP170 million.
Withers currently has offices in London, Geneva, Milan and Zürich. Speechlys’ offices are based in London, Luxembourg and Zürich.
Withers had an average of 272 lawyers and and 107 partners in 2012, in contrast to Speechlys’ 222 lawyers and 91 partners.
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By GlobalDataDavid Flynn, head of professional services at reputation management consultancy Eulogy, siad: "Today’s news really is a game changer in the private client arena and it’ll be interesting to see how other firms will respond. The opportunities for private client firms are increasingly in the international arena, in particular from Russia, China and India. At the same time there is the growing threat of major global institutions such as banks potentially entering the legal market.
"By making this move Withers and Speechly Bircham are ensuring they are in a stronger position to meet the needs of current and potential clients and resisting the challenge from new organisations entering the market."
