The biggest ever merger in the UK legal sector, between CMS Cameron McKenna, Nabarro and Olswang, has gone live, to a mixed reception from the megafirm's own staff.
In reality the merger, which completed on Monday, is a takeover, as reflected by the foolhardy decision to call the enlarged firm CMS instead of the popular HMS Nabawang. And by the decision to import Nabarro and Olswang staff into two newly-rented floors at CMS' Cannon Place office. Both Nabarro and Olswang are set to sublet their premises, and Nabarro staff have already packed their belongings into crates to be moved over this week. Olswang will join them in a fortnight.
The gigantofirm boasts 2,500 lawyers in the UK and revenues of £450m. Adding the CMS global network brings the fee-earner total to 4,500, and into the global top five biggest firms by lawyer headcount. But there have inevitably been casualties: a redundancy programme across all three firms has seen 300 non-fee-earners, a third of the total, jettisoned as part of a massive cost-saving exercise.
But it seems the merger was never about the money: it was really about making CMS famous. Nabarro was well-known for its real estate practice and Olswang for its media expertise (and, latterly, its haphazard and chaotic management). However CMS curated an almost impressively vague profile. Announcing that the firm will unroll an expensive ad campaign in London, Managing Partner Stephen Millar told Legal Business, 'We have probably been seen as a bit of an understated brand in the City", and so, "we've decided to do something big - we decided to do the biggest UK merger ever". Super idea Stephen!
Lawyers at all three firms are reserving judgment. A CMS source told RollOnFriday the influx of new faces "should give some teams a much needed talent injection". Others feared exactly that, and that they would be displaced by the incoming hordes. Nabarro staff were chiefly concerned about the future of their firm's culture, while an Olswang lawyer pointed out that this was not at all what he signed up for: "Who joins a relatively small City firm with cool clients and sectors to suddenly become a speck on the face of the 6th largest law firm in the world doing financial services. The 'sexiest firm' in the city will no longer exist".
Don't worry, the future's bright. The future's Content Management System (is that right?).
Tip Off ROF
In reality the merger, which completed on Monday, is a takeover, as reflected by the foolhardy decision to call the enlarged firm CMS instead of the popular HMS Nabawang. And by the decision to import Nabarro and Olswang staff into two newly-rented floors at CMS' Cannon Place office. Both Nabarro and Olswang are set to sublet their premises, and Nabarro staff have already packed their belongings into crates to be moved over this week. Olswang will join them in a fortnight.
The gigantofirm boasts 2,500 lawyers in the UK and revenues of £450m. Adding the CMS global network brings the fee-earner total to 4,500, and into the global top five biggest firms by lawyer headcount. But there have inevitably been casualties: a redundancy programme across all three firms has seen 300 non-fee-earners, a third of the total, jettisoned as part of a massive cost-saving exercise.
But it seems the merger was never about the money: it was really about making CMS famous. Nabarro was well-known for its real estate practice and Olswang for its media expertise (and, latterly, its haphazard and chaotic management). However CMS curated an almost impressively vague profile. Announcing that the firm will unroll an expensive ad campaign in London, Managing Partner Stephen Millar told Legal Business, 'We have probably been seen as a bit of an understated brand in the City", and so, "we've decided to do something big - we decided to do the biggest UK merger ever". Super idea Stephen!
"Finally, once we have these famous brands everyone will know us!" "Super idea Stephen! What will you call the new firm?" "CMS." |
Lawyers at all three firms are reserving judgment. A CMS source told RollOnFriday the influx of new faces "should give some teams a much needed talent injection". Others feared exactly that, and that they would be displaced by the incoming hordes. Nabarro staff were chiefly concerned about the future of their firm's culture, while an Olswang lawyer pointed out that this was not at all what he signed up for: "Who joins a relatively small City firm with cool clients and sectors to suddenly become a speck on the face of the 6th largest law firm in the world doing financial services. The 'sexiest firm' in the city will no longer exist".
Don't worry, the future's bright. The future's Content Management System (is that right?).
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