For as long as I can remember there has been talk of when or whether SJ Berwin would try to put together a merger with a US law firm. For a firm with a thrusting US-style culture and a tempting European footprint for an international suitor, it isn't hard to see why some have viewed its end-game as a transformative cross-border merger. Some partners are well disposed to such a move, though opinions have always varied internally.

Previously, however, the firm has steadfastly denied that it was intent on such a move. It's not denying it anymore. As best as can be divined, the current focus is on whether to shift its strategy towards seriously seeking out a US deal. As part of this there are an informal group of firms that have been identified as potential partners, including Goodwin Procter and Orrick Herrington & Sutcliffe. Another firm cited as a potential match is New York's Proskauer Rose. Previously, O'Melveny & Myers' name has been attached to the firm, though not with much to back it up.

The most obvious union would be the Boston-based Goodwin, which has a similar private equity slant to its practice and an upwardly mobile approach to business. The two firms already know each other well with Goodwin having been established for several years as one of SJ Berwin's three non-exclusive US referral allies. Ties have been further strengthened by the two firms last year setting up an extranet and Goodwin taking office space in SJ Berwin's Queen Street Place HQ for its small UK practice. There were also some earlier indications that the ambitious Goodwin, which has yet to expand much beyond its US heartlands, despite having built a $658m (£410m) practice, was interested in tying up with SJ Berwin.

The role of Orrick in all this is harder to pinpoint. One Orrick partner this week confirmed that there had been informal discussions with SJ Berwin. However, Orrick chairman Ralph Baxter has reportedly this week been pointing out internally that putting together a merger with a 500-lawyer UK practice is no walk in the park, dampening expectations Orrick could rush to the altar. It's also a long time since Orrick, which over the last 12 years has considered high-stakes mergers with firms as diverse as Bird & Bird and Dewey Ballantine, is known to have looked at a big deal.

You can make a case for an Orrick/SJ Berwin deal, but it's not clear-cut. The US firm periodically flits between focusing on its projects/public finance roots, which doesn't match Berwins, and flirting with a serious push in the growth company/TMT space, which just about does. The international network is a reasonable fit, though.

For SJ Berwin the decision on whether to focus on a merger must be finely balanced. There will be a strong desire to steady the ship before considering any transformative deal, which would allow for a stronger negotiating position; with partner profits falling 49% last year to an average of £410,000 the firm currently finds its profitability somewhat below the equivalent at the most obvious US suitors. On the other hand a US deal could, if handled correctly, help provide stability and direction to a practice that has suffered considerably at the hands of the recession. With the impending union of Lovells and Hogan & Hartson reviving the focus on US/UK mergers for the small group of firms that could make such a deal work – of which SJs is most definitely one – this could be the moment. The music has been playing for SJ Berwin for a long time – perhaps it's finally time to dance.