Reports suggest that top tier Aussie firm Blake Dawson and UK firm Ashurst have moved one step closer to a formal union this week.
In the recent spate of international firms descending on Australian shores, Blake Dawson's name has frequently been bandied about as a potential merger partner. Most recently the rumour was that UK firm Herbert Smith was making eyes at the Blakes, but for the moment that romance is on ice as reports suggest that a merger between the Aussie firm and Ashurst is all but consummated.
The two firms already have an informal referral relationship and according to a report in The Lawyer, an internal working group of 25 to 30 Ashurst partners has been set up to work on plans for a full tie-up. Management at the firm is said to be keen for a vote to take place in early Autumn. But it's not a universally popular move: sources say that there are already rumblings of dissent from a splinter faction of Ashurst partners.
If the union does go ahead it would give Ashurst a welcome boost in Asia, a region which already contributes 7% to its global revenue, plus a tie-up with a pretty smart Aussie outfit. While Blakes could get enough extra muscle to allay its fears of losing work to international firms. Plus its partners will no doubt be delighted to adopt the Ashurst rule that its partners must bill a minimum of 10 hours a day (but then they do need to keep their associates in the Rolexes and Porsches to which they are accustomed).
Both firms declined to comment.
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In the recent spate of international firms descending on Australian shores, Blake Dawson's name has frequently been bandied about as a potential merger partner. Most recently the rumour was that UK firm Herbert Smith was making eyes at the Blakes, but for the moment that romance is on ice as reports suggest that a merger between the Aussie firm and Ashurst is all but consummated.
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Yeah, baby... |
The two firms already have an informal referral relationship and according to a report in The Lawyer, an internal working group of 25 to 30 Ashurst partners has been set up to work on plans for a full tie-up. Management at the firm is said to be keen for a vote to take place in early Autumn. But it's not a universally popular move: sources say that there are already rumblings of dissent from a splinter faction of Ashurst partners.
If the union does go ahead it would give Ashurst a welcome boost in Asia, a region which already contributes 7% to its global revenue, plus a tie-up with a pretty smart Aussie outfit. While Blakes could get enough extra muscle to allay its fears of losing work to international firms. Plus its partners will no doubt be delighted to adopt the Ashurst rule that its partners must bill a minimum of 10 hours a day (but then they do need to keep their associates in the Rolexes and Porsches to which they are accustomed).
Both firms declined to comment.