A scant few hours ago I promised to bring you any updates on the Hogan & Hartson/Lovells merger talks, and so here it is…
The two firms issued a joint press release this morning announcing that the management of both firms unanimously supports the merger. If the partner vote scheduled for mid December goes as expected, the merger could be finalized as early as May of next year.
Mergers between US and UK law firms are rare, in part because of different accounting systems used. The firms have not yet released details of how those differences will be resolved, but the partners in each firm will be receiving documents next week setting out the terms of the deal. If finalized, this will be the first transatlantic merger between between two top tier firms, and may trigger other US/UK merger negotiations.
The combined firm would instantly become one of the world’s largest with over 2,500 attorneys around the globe and revenues in the range of $2 billion. No report yet on what the new name would be.