Bond Pearce and Dickinson Dees plan merger
14 September 2012
and Dickinson Dees have confirmed that they are considering a merger.
The firms have identical turnover at £46m apiece, and profits are also broadly similar. So a new Pearce Dick LLP seems feasible although it's a deal that's unlikely to agitate its competitors greatly.
Bond Pearce has been in the headlines recently for having failed to merge with Scots firm Maclay Murray Spens. Twice. It had a crack at it a couple of years ago, and then again earlier this year. Talks were abandoned in March
and the firm has been casting about ever since.
||The new firm - how it might look |
And it seems Dickinson Dees has risen to its bait. The firm has not had an easy couple of years: it lost its 16-strong family team in 2010, ditched two thirds of its trainees in 2011
and has seen turnover fall off a cliff since 2007-08 when it pulled in £60m. And while things do seem to be improving (turnover increased slightly this year to £46.1m and retention was up), it doesn't seem that's enough to placate its staff. The firm won RollOnFriday's prestigious Golden Turd
award 2012 after it was panned for being "penny pinching
" and for offering chances of partnership that were "significantly lower than my chances of being killed by an escaped walrus
". The firm's PR team subsequently went into overdrive, re-writing its Wikipedia entry
, thus proving that if you can't polish a turd you can at least roll it in glitter.
Managing partners at both firms were keen to talk about strategic goals, value drivers and geographic footprints.