A law firm merger may be compared to both a military campaign and a marriage. Like a military operation it is well planned and orchestrated with key individuals knowing what is going on, although often it catches the rest of the world by surprise. The parallels with a marriage may be more obvious – do their friends (clients) like each other? Do they have the same financial outlook? Are they in it for the long term? And are they both prepared to adapt and grow together, rather than try to dominate the other?
Following Dechert Price & Rhoads’ merger with Titmuss Sainer and Clifford Chance’s with Roger & Wells in 2000, the legal industry predicted a significant number of mergers between US and UK firms. But when the flood of mergers did not follow, a belief that the fundamental differences between US and UK firms were too difficult to overcome took hold. Indeed the collapse of a number of high-profile discussions, including those of Latham & Watkins and Ashurst Morris Crisp, reinforced this theory. However, there has been a steady stream of transatlantic tie-ups involving the likes of Clifford Chance, Dechert, Mayer Brown Rowe & Maw, Jones Day Gouldens, Reed Smith and in January, the formation of Kirkpatrick & Lockhart Nicholson Graham.
