London and Southern England-based international full-service firms Lester Aldridge and Mackrell Solicitors have called off plans for a merger. The announcement bucks the trend of consolidation across the sector.
Mackrell, based in London with offices in Birmingham, claims a global presence through Mackrell International, a 35-year-old network of approximately 4,500 lawyers across 60 countries. Lester Aldridge, which can trace its origins back to 1796, is part of MSI Global Alliance, an international association of accountancy and law firms. The two firms’ London headquarters are located in the same West End building.
Matthew Barrow, managing partner at Lester Aldridge, today confirmed the withdrawal from merger discussions. 'Having spent the last few months getting to know the firm and its lawyers, exploring the potential benefits of merging our two firms, we have developed enormous respect for their people and their business,' he said. 'However, on closer inspection we realised that joining forces with this particular firm would not deliver the scale of strategic advantages we were looking for.'
Barrow said that a 'merger or a bolt-on' has been in the firm’s sights for four years. 'But we have been in no rush: we are in a strong position as an independent, and finding the right merger partner or team acquisition is the priority, more than timing. Our growth plan continues!'
Mackrell Solicitors has been approached for comment.
Latest Solicitors Regulation Authority figures show that 543 firms closed in 2023 while 366 opened over the same period. The total number of firms, 9,318, was 2% fewer than the year before and 10% down on five years previously.
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