Exclusive: LG and Irwin Mitchell end merger talks
15 March 2013
and Irwin Mitchell were in merger talks which have now come to an end, RollOnFriday can reveal.
LG has already courted
fellow City firm Field Fisher Waterhouse
, an outfit most famous for its bickering
partners. And it has now been caught winking slyly at the winner of this year's Golden Turd
. It knows how to pick them.
On the face of it, it's hard to see how the merger could ever have worked. Turnover at LG is around £56m, compared to £184m at IM. But, more to the point, equity partners at IM take home an average of £569k, which is almost double the £303k pulled in by partners at LG. The figures clearly didn't stack up, and sources suggest that the discussions have now ended.
RollOnFriday found out about the merger talks after LG's pitch document landed on a desk at RoF Towers. It contains the most sensitive information imaginable (none of which will be printed here, obviously). But it's massively embarrassing for the firm, and it's not clear why it didn't follow standard data room rules and allow parties to see the document but not to take it away. And it's a salutary lesson to Managing Partners in these merger-mad times to be careful with what they commit to writing.
||An LG partner hears what happened to his document |
Neither Lawrence Graham nor Irwin Mitchell would comment.