CMS, Nabarro and Olswang are understood to be voting on a three-way merger today.
According to The Lawyer (paywall) Olswang and CMS are holding partnership meetings on Friday to discuss the merger, which would create a practice of approximately 3,000 lawyers and £950 million of revenues (if CMS' odd global network is included in the calculations).
Olswang has previously rebuffed a merger request from CMS, but after a torrid couple of years the media boutique is now keen (read: desperate) to cling to anything, even another rock. Its CEO was taken out mobster-style last year after the firm's rapid overseas expansion went down like a lead balloon, then its entire German office quit and in recent months there's been a partner exodus. Plus it has retained dismally low numbers of trainees and 2105/16 turnover dropped 11% by £14.2 million to £112.5 million. Earlier this year Olswangers told RollOnFriday "morale is low" and said that thanks to "confused" management there "doesn't appear to be a clear plan for the future".
But apparently now there is a plan. In recent days rumours have swirled of a tie-up with Nabarro, and this week inside sources told RollOnFriday that CMS, the firm with 60 offices in 30 countries yet, impressively, almost zero name recognition, is making it a threesome. CMS last merged in 2014, with Scottish firm Dundas & Wilson and has since shrunk the combined firms' annual 80 trainee places to 60.
Nabarro has performed steadily but has been keen to merge for years, approaching Addleshaw Goddard in 2013. Its addition would add considerable real estate experience to the mix, creating a firm with particularly strong media, property and whatever-CMS-does bona fides.
None of the firms' PR teams responded to requests for comment because officially none of this is happening. So act dumb when they unveil a spanking sign for CMS Nabawang (please please please) next week.
Tip Off ROF
According to The Lawyer (paywall) Olswang and CMS are holding partnership meetings on Friday to discuss the merger, which would create a practice of approximately 3,000 lawyers and £950 million of revenues (if CMS' odd global network is included in the calculations).
Olswang has previously rebuffed a merger request from CMS, but after a torrid couple of years the media boutique is now keen (read: desperate) to cling to anything, even another rock. Its CEO was taken out mobster-style last year after the firm's rapid overseas expansion went down like a lead balloon, then its entire German office quit and in recent months there's been a partner exodus. Plus it has retained dismally low numbers of trainees and 2105/16 turnover dropped 11% by £14.2 million to £112.5 million. Earlier this year Olswangers told RollOnFriday "morale is low" and said that thanks to "confused" management there "doesn't appear to be a clear plan for the future".
Just a suggestion |
But apparently now there is a plan. In recent days rumours have swirled of a tie-up with Nabarro, and this week inside sources told RollOnFriday that CMS, the firm with 60 offices in 30 countries yet, impressively, almost zero name recognition, is making it a threesome. CMS last merged in 2014, with Scottish firm Dundas & Wilson and has since shrunk the combined firms' annual 80 trainee places to 60.
Nabarro has performed steadily but has been keen to merge for years, approaching Addleshaw Goddard in 2013. Its addition would add considerable real estate experience to the mix, creating a firm with particularly strong media, property and whatever-CMS-does bona fides.
None of the firms' PR teams responded to requests for comment because officially none of this is happening. So act dumb when they unveil a spanking sign for CMS Nabawang (please please please) next week.
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If you like a bit of bible thumping.
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These guys must have been delighted when they found each other. Are law-firm mergers now so common there's a Tinder style app maybe?
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