Field Fisher and LG hold merger discussions over £150m tie-up
Field Fisher Waterhouse has confirmed it is in merger talks with LG, in a move which could create a law firm with revenues of more than £150m, placing it just outside the UK top 20. The merger talks are at a very early stage, with no proposals yet put to partners at either firm. A spokesperson for Field Fisher confirmed: "Like the majority of mid-market firms, a merger is on our agenda. Field Fisher has ambitious growth plans and we recognise that a merger is a way to achieve those goals.” She continued: “We would like to grow our offices in Europe, to strengthen our core practice areas and to offer clients greater international reach. As such we have been in talks with several firms, including LG, and have been exploring the benefits that such a merger would bring." Field Fisher has 153 partners and more than 220 lawyers across seven European offices. The firm posted a 2.2% increase fee income to reach £94m for the 2010-11 financial year, while profits per equity partner (PEP) rose 7% to £510,000. LG, meanwhile, has 73 partners and 196 lawyers. The mid-market firm saw both revenue and profits fall significantly at the close of last year, with turnover for 2010-11 coming in at £59m, 9% down on the £64.9m posted the previous year, a result which saw the firm drop out of the UK top 50. PEP, meanwhile, fell 10% to £412,000 from £460,000. A tie-up with LG would gift Field Fisher new offices in Monaco, Dubai and Moscow, while LG would benefit from Field Fisher’s presence in Brussels, Dusseldorf, Hamburg, Manchester, Munich and Paris. LG has been openly looking for a merger in recent years, with the firm entering into serious discussions with Scotland’s Shepherd and Wedderburn last summer, which are understood to have ended around September 2011 after the Scottish firm opted out of the talks.
Field Fisher Waterhouse has confirmed it is in merger talks with LG, in a move which could create a law firm with revenues of more than £150m, placing it just outside the UK top 20.
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