Herbert Smith Freehills to merge with US firm Kramer Levin
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The news: International firm Herbert Smith Freehills plans to combine forces with US-based Kramer Levin to become one of the 20 largest law firms in the world, and the largest firm in the Asia-Pacific region.
The context: The move comes at a time of consolidation in the industry, notably following Allen & Overy's recent tie up with Shearman & Sterling to create A&O Shearman.
The combined law firm will have over 2,700 lawyers including around 640 partners across 25 offices.
The new firm will have a single global profit pool from day one, a statement from Herbert Smith Freehills said, taking the firm to over USD2 billion ($3.05 billion) in revenue.
The firm will operate globally as Herbert Smith Freehills Kramer, with the abbreviation in the US as HSF Kramer.
The proposed combination is subject to customary closing conditions, including a vote of the partners of each of the respective firms.
What they said: Sydney-based Herbert Smith Freehills chair and senior partner Rebecca Maslen-Stannage said "This is transformational. We have long been committed to expanding our offering in the US and Kramer Levin is the perfect fit. The combination delivers immediate growth for both firms from day one".
Justin D'Agostino, global CEO of Herbert Smith Freehills, said, "This is an excellent long-term, strategic move for our firms, our clients and our people — a bold opportunity to build an exciting international firm together, based on our strong cultures of collaboration, superb clients and people, and our existing areas of strength. This is just the beginning".
Howard T. Spilko, co-managing partner of Kramer Levin, said: “The combination provides us with a significant competitive advantage by bolstering our destination practices with a deeper bench, broader geographic reach and sector expertise, while providing the opportunity to collaborate to achieve great outcomes for clients internationally”.
The sources: Herbert Smith Freehills, Bloomberg News
