A merger by three leading law firms – Salans, Fraser Milner and SNR Denton – is set to create one of the world's largest law firms with 2,500 lawyers working in 52 countries. The new firm, to be known as Denton's, thus aims to become an international leader in banking and finance, energy issues, real estate, insurance and other areas, in Europe, Asia and North America.
If voted through on Nov. 30, the new
law firm would starting operating in early-2013 as the world’s
seventh biggest law firm, according to a press release sent out by
Salans. The aim is to create a universal legal company covering
Europe, Asia and North America.
Chief executives of the firms say the
new body will have no dominanting culture and aims to be truly
international and polycentric. Indeed, each firm will bring a
comparable contribution to the table with Paris-based Salans bringing
around 800 lawyers located throughout Europe, Canada’s Fraser Milner
was over 500 legal eagles in six offices throughout the country,
while SNR Denton, which is co-headquartered in London and Washington
D.C., is the biggest contributor with some 1,200 attorneys.
This reflects the growing need for
international presence as business slowly moves from crisis-struck
developed markets towards more promising one’s in the Asia, the
Middle East and Emerging Europe. It also responds to the increasingly
international needs of clients.
As a result, experts note, the sector
has seen a cascade of mergers since 2009 – aiming to benefit from
international connections and economies of scale – despite a
generally stagnant legal services market.
“Time will tell if buying the Roman
Empire plus Canada is worth it,” said Ivan Adler, a headhunter for
lawyers and lobbyists at The McCormick Group told the Washington
Post. “Their merger mania has worked so far.”
Kyiv Post editor Jakub Parusinski
can be reached at [email protected]
