Expansive Norton Rose sets sights on merger deals in US and Brazil
Norton Rose is targeting a US merger as the next major step in its expansionist agenda, as the top 10 UK firm bids to become a top 25 global player within the coming years. The news comes after Norton Rose this week (15 November) announced Swiss Verein mergers with Canada's Ogilvy Renault and South Africa's Deneys Reitz. The ambitious plans now also put Brazil and Latin America within the firm's sights.
November 17, 2010 at 07:24 PM
2 minute read
Norton Rose is targeting a US merger as the next major step in its expansionist agenda, as the top 10 UK firm bids to become a top 25 global player within the coming years.
The news comes after Norton Rose this week (15 November) announced Swiss Verein mergers with Canada's Ogilvy Renault and South Africa's Deneys Reitz. The ambitious plans now also put Brazil and Latin America within the firm's sights.
Norton Rose chief executive Peter Martyr (pictured) confirmed that a US tie-up is now a key focus for the firm, with a deal possible within the next three years. Beyond this, other jurisdictions earmarked for a potential presence include Brazil and Latin America more generally, as well as Turkey, Qatar and South Korea.
Martyr said: "Ultimately to be global, it will be necessary to have a US capability, so that remains a major strategic target for a future merger. I would expect something to have happened within the next three or so years. This new platform creates some very interesting opportunities for US firms as we are the first serious player into Africa in a meaningful way, combined with a strong Asia-Pacific practice."
The firm is intent on tying up with a US practice with revenues of between $600m (£378m) and $1.2bn (£756m).
Norton Rose said the strategy to grow internationally via takeovers grew partly from its merger with Deacons in Australia, which went live at the start of this year, but maintained that the firm's overall strategy was still based on its sector-focused 'headlights' approach.
The mergers have received a mixed response from the market, with the senior partner of one top 10 City firm commenting: "Norton Rose has a clear strategy and is consistent in following it.
"There is certainly room for the establishment of a small number of global second-tier law firms below the magic circle."
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