Eversheds is in discussions to combine with 400-lawyer US firm Sutherland Asbill & Brennan.

Both firms presented their equity partners with proposals about a combination earlier today (29 November), with the partnerships expected to vote on the deal by the end of the year.

If the union is approved, the merged firm will be known globally as Eversheds Sutherland, according to a joint statement.

Eversheds Sutherland would have 2,300 lawyers operating out of 61 offices worldwide – comprising 1,900 lawyers from Eversheds and the Eversheds International network, and 400 from Sutherland.

The combined firm would be overseen by a global board with equal representation from each firm, according to the announcement. It is not clear whether the combination will take the form of a full merger, with integrated finances and business processes, or a Swiss verein, with a shared name, branding and client service but separate finances.

Eversheds, which counts around 1,400 lawyers in its limited liability partnership, with a further 500 across its affiliated international network, posted revenue of £405.5m for 2015-16, making it the 13th largest firm in the UK by turnover according to Legal Week's UK Top 50.

Sutherland, meanwhile, reported revenue of $301m in 2015 – which equates to £241m at today's exchange rate – ranking it 107th in the Am Law 200.

While Eversheds is the larger firm by revenue, its average profit per equity partner (PEP) is slightly lower than Sutherland's. Eversheds reported PEP of £742,000 ($927,000 at today's exchange rate) for the 2015-16 financial year, compared with $1.02m (£816,000 at today's rate) posted by Sutherland for the 2015 calendar year. Equity partner numbers are similar, with Eversheds housing 118 equity partners in 2015-16, compared with 86 at Sutherland.

A union would expand both firms' global reach significantly, gifting Eversheds its long-sought foothold in the US and giving Sutherland access to lawyers across the rest of the world.

The US firm currently has only a 10-lawyer outpost in London and a man on the ground in Geneva handling energy commodities trading work, both of which were acquired in 2014 via the takeover of energy boutique Arbis.

Eversheds chief executive Bryan Hughes (pictured above right) said in a statement: "Joining forces with Sutherland will give each firm's clients a global platform and we will be discussing the proposal with our partners positively in the coming weeks."

Sutherland managing partner Mark Wasserman (pictured above left) said: "We look forward to discussions over the next few weeks about the opportunities this transaction will bring to our clients."

Confirmation of the talks comes after Eversheds previously held discussions over a tie-up with Milwaukee-based Foley & Lardner, talks which were called off last autumn.

The UK firm has been on the hunt for a US presence for at least five years, as part of its push to become a truly global law firm.

"It's not as if we feel we have a shortage of US work, but people are losing mandates because they aren't practising US law," an Eversheds partner told Legal Week in 2014.

The firm currently handles work for around 400 US companies, including 114 US Fortune 500 companies, with its US-based clients including Microsoft, Cisco, DuPont, HJ Heinz and Starbucks, according to its website and Chambers & Partners. It currently relies on a network of "best friends firms" in the US to perform client work there.

Sutherland, which has strong corporate and litigation practices as well as covering intellectual property, tax, real estate, energy and the financial services sectors, represents 58 of the Fortune 100. The two firms' shared clients include Microsoft, Facebook and TE Connectivity.

Examples of large transatlantic mergers are few and far between. In 2010, legacy UK firm Lovells and Washington-based Hogan & Hartson combined under a verein to create Hogan Lovells, a 2,500-lawyer firm with global revenue of about $1.9bn and more than 40 offices worldwide.

Norton Rose combined with Fulbright & Jaworksi under a verein in 2013, while Berwin Leighton Paisner last year held failed talks with Greenberg Traurig.

Addleshaw Goddard held discussions with Hunton & Williams earlier this year; however these talks have stalled in the wake of the Brexit vote.