Allens Arthur Robinson and Linklaters have joined the growing roster of firms keen to forge Anglo-Aussie partnerships, with rumours that pre-merger discussions between the two have been on-going since late last year.
It's a story almost older than time. Australian firm takes a look around and realises all its peers are coupling up with intrenational partners. London-based firm realises the UK market is pretty stagnant and all its rivals are seeking their fortunes in resource-rich Australasia. The two spot each other on the international merger lonely hearts page and the rest is history.
Or it might be. The two firms are rumoured to be looking for an alliance rather than a full merger, according to a Legal Week report, which may have something to do with the pair's wildly different financials. Allens (currently in a referral relationship Links' Magic Circle rival Slaughter and May) posted revenues of $459.5m (£291m) in 2010. Small fry compared to Linklaters' $1.76bn (£1.2bn) turnover for the 2010/11 period. And Allens' partner profits were $1.1m (£696k) compared to Links' $1.7m (£1.16m).
Neither firm would comment on the discussions. A spokesman for Allens said "we have strong relationships with a number of law firms globally. We meet regularly with them...[but]...we don't comment on the nature of those discussions." Whilst a Linklaters' spokesman would only say "We work closely with all the leading Australian law firms and frequently meet them all around the world".
And while Allens and Linklaters continue to hammer out the terms of their potential relationship, similar romancing is also going on between Frehills and Herbert Smith. Who will be first up the aisle is anyone's guess.
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It's a story almost older than time. Australian firm takes a look around and realises all its peers are coupling up with intrenational partners. London-based firm realises the UK market is pretty stagnant and all its rivals are seeking their fortunes in resource-rich Australasia. The two spot each other on the international merger lonely hearts page and the rest is history.
Or it might be. The two firms are rumoured to be looking for an alliance rather than a full merger, according to a Legal Week report, which may have something to do with the pair's wildly different financials. Allens (currently in a referral relationship Links' Magic Circle rival Slaughter and May) posted revenues of $459.5m (£291m) in 2010. Small fry compared to Linklaters' $1.76bn (£1.2bn) turnover for the 2010/11 period. And Allens' partner profits were $1.1m (£696k) compared to Links' $1.7m (£1.16m).
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Allens and Linklaters pre-merger discussions yesterday |
Neither firm would comment on the discussions. A spokesman for Allens said "we have strong relationships with a number of law firms globally. We meet regularly with them...[but]...we don't comment on the nature of those discussions." Whilst a Linklaters' spokesman would only say "We work closely with all the leading Australian law firms and frequently meet them all around the world".
And while Allens and Linklaters continue to hammer out the terms of their potential relationship, similar romancing is also going on between Frehills and Herbert Smith. Who will be first up the aisle is anyone's guess.