As international GDP growth slows, law firms hoping to keep up with Kirkland, Latham, Skadden, and Simpson Thacher need to consider mergers involving the US.
Talk of transatlantic mergers have been around so long that some might think the logic for such a deal is old. But that is wrong. The logical time to do a deal is now.
Here’s why. I'm Paul Hodkinson, Editor-In-Chief of Law.com International, bringing you this week's edition of The Global Lawyer. |
The noughties were all about European political and economic integration and the region’s GDP rocketed. Think back to Vodafone’s $183 billion takeover of Germany’s Mannesmann in 2000. What law firm wouldn’t want a piece of that action by having strong U.K. and Continental European credentials? That was the thinking of two of the firms on that very deal, as Freshfields and Bruckhaus Westrick Heller Lober went on to become Freshfields Bruckhaus Deringer. Many others followed. But Europe’s GDP growth hit the buffers in the 2008 financial crisis and hasn’t really recovered since. Instead it was Asia Pacific that held all the promise of growth that following decade. Between 2009 and 2018 GDP for the region rose 81%, according the World Bank. Herbert Smith merged with Australia’s Freehills in 2012, the same year that Ashurst merged with Blake Dawson. Dentons joined forces with China’s Dacheng in 2015. Yet the Asian opportunity has since changed... |
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