The latest transatlantic law firm combination will create a 600-partner giant ranked in the global top 20 by turnover. In a joint announcement today, international firm Herbert Smith Freehills (pictured above) and New York-based Kramer Levin revealed their intention to merge. Herbert Smith Freehills Kramer will have a turnover of some $2bn (£1.6bn).

'The combination, with a single global profit pool from day one, will supercharge the firms’ global offerings and with c.120 partners in the US surpasses international peers,' the announcement stated. 

Herbert Smith Freehills was created by the 2012 merger of Herbert Smith and Australia-based Freehills. Kramer Levin, founded in 1968, has its headquarters in New York with offices in Silicon Valley, Washington DC and Paris. Both firms operate as true partnerships. 

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According to the announcement, the synergies of the combined firm will accelerate growth in the US across critically important sectors such as energy, financial services, infrastructure, mining, and technology.

Rebecca Maslen-Stannage, chair and senior partner of Herbert Smith Freehills, 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 chief executive 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:

'Joining forces with Herbert Smith Freehills is a one-of-a-kind opportunity that helps us achieve our vision and potential for strategic growth. 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.'

Paul H. Schoeman, co-managing Partner of Kramer Levin, said: 'We are very much aligned culturally and share critical core values, particularly a belief that a collaborative approach is the key to providing best-in-class solutions and service to our clients. We also have the same deeply rooted commitment to diversity and inclusion, pro bono work, and community service.'

Herbert Smith Freehills Kramer will have over 2,700 lawyers including 640 partners across 25 offices globally. It will be among the top 20 largest law firms by headcount and one of the top 20 integrated firms by revenue in the world.

The proposed combination is subject to customary closing conditions, including a partners' vote.