Big Merger in the UK Legal Sector - CFO Insight

Big Merger in the UK Legal Sector - CFO Insight:
The UK legal sector will get a new big player. Three law firms, Salans, Fraser Milner Casgrain (FMC) and SNR Denton, want to merge to create a new top-10 international law firm. The partners of each firm will vote on the proposed combination in November. Depending on the vote, the combination could become effective in the first quarter of 2013. 

Salans, Fraser Milner Casgrain and SNR Denton plan to bring together their businesses across Europe, Canada, the UK, the US, the Middle East, Central and East Asia and Africa. The new firm would be known as Dentons – Salans FMC SNR Denton and as the seventh-largest law firm in the world by lawyers and professionals, the firms say.

In addition, the new firm would be polycentric, as it isn’t centred on uniting a UK and US firm; a Canadian firm and one with a substantial US presence are involved. Integrating the different offices will be one of the biggest challenges after closing the deal. The combined firm is set to have more than 2,500 lawyers and professionals in 79 locations across 52 countries. It will also be structured as a Swiss Verein and be led by a global board and leadership team, in which SNR Denton will have the biggest influence: 8 members of the global bard come from this law firm, and Salans and FMC will have 3 members each. 

A completion of this merger could benefit CFOs, as they would have the opportunity of receive access to a firm with a global presence. The 3 law firms promise to form an “international leader in banking and finance, offering clients the full range of transactional, dispute resolution and regulatory services.”
'via Blog this'