SJ Berwin vote on King & Wood Mallesons merger to open next week
SJ Berwin's partners will begin voting on a proposed merger with King & Wood Mallesons (KWM) next week, as the UK firm pushes forward with plans to tie up with the Sino-Australian giant. SJ Berwin held a partner meeting this morning (17 July), at which seven days' notice was given ahead of the opening of the vote, which will close by the end of July.
July 17, 2013 at 07:08 AM
2 minute read
SJ Berwin's partners will begin voting on a proposed merger with King & Wood Mallesons (KWM) next week, as the UK firm pushes forward with plans to tie up with the Sino-Australian giant.
SJ Berwin held a partner meeting this morning (17 July), at which seven days' notice was given ahead of the opening of the vote, which will close by the end of July.
The news comes after SJ Berwin discussed the potential merger last month at the firm's annual partners' retreat in Marbella. It is thought that KWM, which was formed by the merger of Australia's Mallesons Stephen Jaques and China's King & Wood in March last year, is also sounding out its partnerships on the tie-up.
A merger would be structured as a Swiss Verein and would need the separate approval of legacy Mallesons' Australian partnership as well as KWM's operations in mainland China and Hong Kong.
Key considerations surrouding the tie-up including branding options, involving the possibility of dropping the SJ Berwin name, as well as the overlap in both firms' London and Hong Kong operations.
Market sources have suggested the deal faces the most resistance in Australia. Legacy Mallesons previously held discussions about tie-ups with both Linklaters and Clifford Chance.
Earlier this year KWM also held talks with Singapore's Wong Partnership about a possible tie-up, but discussions ended when Wong Partnership chose to remain independent.
SJ Berwin recently posted turnover of £184.6m for the 2012-13 financial year, up 2.5% on £180.1m in the previous year, with profit per equity partner down 11% to £565,000.
An SJ Berwin spokesperson said: "We do not comment on market speculation."
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