Barlow Lyde & Gilbert (BLG) is in advanced stages of merger discussion with fellow legal firm Clyde & Co. The potential deal, which is set to become one of the largest UK legal mergers, stands to create a law firm with over 1000 lawyers and combined revenues of £300m (based on 2010-11 figures), which would propel the combined entity into the UK top 10 by turnover.
BLG has been positioning itself for the possibility of a merger for the last year, and as a result it has seen a number of exits from its partnership. However its headcount has not declined after being bolstered by the bulk insurance practice recently acquired from defunct firm Halliwells.
BLG chief executive David Jabbari released a statement saying that the firm had been exploring a number of different merger options, adding that a union with Clydes has ‘obvious potential’. Jabbari said the discussions with Clydes indicated the firm is ‘bold and innovative’.
There has been talk that any union between the two firms would be a takeover by Clydes rather than a merger of equals. Financially there is a large difference between the two firms’ profitability, could result in a number of BLG’s equity partners being demoted to salaried status in any merged entity.
Based on figures for 2010-11, the combination would result in a firm with a revenue of £306.5 million.
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