Maclays seals City takeover
By James Lumley
November 01, 2004 at 07:03 PM
2 minute read
Big four Scots firm Maclay Murray & Spens has merged with City financial services boutique The City Law Partnership.
The six-partner firm signed the deal with Maclays' London arm on 29 October, bringing Glasgow-based firm's London outpost up to a total of 16 partners.
Maclays chief executive Magnus Swanson said that the merger means that the firm now has a strong financial services practice in London for the first time.
The 22-lawyer City Law will remain separately-branded for the time being as Maclay Murray & Spens City Law and will also remain in their offices in Old Bailey as Maclays' current London offices in St Paul's Churchyard are full.
As well as financial services work, the firm also deals with general corporate, M&A and smaller plc work.
"That side of their business marries up very well with our own – it is the same sort of stuff that we have been doing in London," said Swanson, "but a big driver in our business plan is to increase our exposure to financial services… so the ability to tackle the financial services markets in both Edinburgh and London is a big step forward for us."
City Law, which is run by partners Philip Skerrett and Gordon Brough, has been operating in the City for the last ten years. One of its largest clients is Aberdeen Asset Management, which is regarded as a key driver for the deal.
Skerrett said that City Law's larger clients had been putting pressure on the firm to increase its resources, particularly in the pensions sector.
"Maclays has been in contact with us for some years, and rather than lose a bigger clients we chose to go in with them," he said.
This is the second London merger that the leading Scots firm has secured in eighteen months. In June last year the firm linked up with property boutique Fenners.
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