Partners from top 50 practices Clyde & Co and BLM will vote on a potential merger after positive discussions between the firms. The two confirmed today that detailed discussions and due diligence have both been completed, ahead of a vote.
While nothing is finalised, the firms said they regard themselves as well-suited businesses who would benefit from a formal merger.
A spokesperson for BLM said the strategic and commercial compatibility of the firms was ‘undeniable’ and that a merger would meet the firm’s ambition to grow and secure its status as a market-leading full service practice.
‘We believe that a potential combination with Clyde & Co would provide us with the growth needed to develop our business,’ she said. ‘We are both dominant in risk and insurance and our respective businesses complement each other. Whilst Clyde & Co is a global business, we both have an extremely strong presence in the insurance sector in the UK and Ireland. Clyde & Co also boasts a strong offering in business and advisory services.’
Confirming advanced merger talks, a spokesperson for Clyde & Co said the firm was keen to grow and provide a full scope of services, technology, data analytics and innovation that clients require.
He added: ‘We consider a merger such as this the best way to realise these ambitions. BLM is a firm we have long admired and we believe a merger can be formed on the basis of our complementary client rosters and our shared focus on quality.’
A merger would be one of the biggest ever in the UK legal sector, creating a combined firm with around £733m annual turnover.
According to results for the year ended 31 March 2021, Clyde & Co increased profit before tax by 14% to £162.5m. BLM profits before members’ remuneration, profit shares and tax was up 22% to £11.1m. The firms employed around 4,600 people between them.
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