Ashurst set for vote as terms emerge on Blake Dawson Asia deal
Ashurst looks set to nearly double its Asian partner count through a tie-up with Blake Dawson that will see the Australian leader rebrand as Ashurst. Partners at the UK law firm received a document confirming details of the proposed joint venture late last month, with a vote expected to take place before the end of September.
September 07, 2011 at 07:03 PM
2 minute read
Proposed deal could see full global merger after three years
Ashurst looks set to nearly double its Asian partner count through a tie-up with Blake Dawson that will see the Australian leader rebrand as Ashurst.
Partners at the UK law firm received a document confirming details of the proposed joint venture late last month, with a vote expected to take place before the end of September.
The joint venture is expected to see Blake Dawson's Asian operations outside Australia merging with Ashurst's offices in the region. Blake Dawson Australia will remain a separate entity holding a stake in the joint venture. However, the entire firm is expected to rebrand as Ashurst.
The agreement includes proposals for the firms to merge their operations globally after three years, subject to a number of conditions. These are understood to include Blakes achieving set profitability and revenue targets in Australia, where it currently has around 180 partners.
The proposed tie-up with Blakes, first revealed by Legal Week in June, would significantly boost Ashurst's footprint in Asia. According to its website, Blakes has 13 partners working across offices in Shanghai, Papua New Guinea, Singapore and Tokyo, and an associated Indonesian firm in addition to its Australian practice, which comprises Sydney, Perth, Melbourne, Brisbane, Canberra and Adelaide.
Meanwhile, Ashurst has 18 partners working in Hong Kong, Tokyo and Singapore. Ashurst has been planning a greater push into the buoyant Asian market for some time.
One Ashurst partner commented: "The plans that are being laid out here are extremely complex and the ultimate success of the merger will depend entirely upon whether Blakes can be whipped into shape."
While increasing numbers of UK firms have sized up Australia in recent years, with Clifford Chance, Allen & Overy and Norton Rose among those launching ventures in the region, most have shied away from a full-scale Australian merger, and some Ashurst partners are known to be sceptical about the plans.
Ashurst and Blakes declined to comment.
For more, see UK leaders lay out bold plans for expansion in Asia-Pacific.
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