Kennedys and Simpson & Marwick call off merger following delays
Kennedys and Scottish firm Simpson & Marwick have called off a proposed £160m merger, citing "complex reasons". Partners at both insurance-focused outfits initially voted in favour of the tie-up in August, though plans for full integration by 1 November were later acknowledged as "ambitious".
December 11, 2013 at 11:45 AM
2 minute read
Kennedys and Scottish firm Simpson & Marwick have called off a proposed £160m merger, citing "complex reasons".
Partners at both insurance-focused outfits initially voted in favour of the tie-up in August, though plans for full integration by 1 November were later acknowledged as "ambitious".
A spokeswoman for the law firms declined to comment on whether the merger had stumbled because of client conflicts or strategic concerns.
In a joint statement, Kennedys and Simpson & Marwick said: "Both firms and their partners hold each other in the highest regard and are very disappointed that for complex reasons the merger could not be finalised.
"Clients and their interests are our priority. There are a number of cross border clients that Kennedys and Simpson & Marwick plan to continue working closely with in order to provide a UK wide service."
Signs the union might not progress as smoothly as initially hoped for were flagged in October, when the firms said "aspects of the merger could not be finalised within the ambitious timetable we had set ourselves".
At the time, the firms told Legal Week that no new date had been set for the finalisation of the deal.
The development follows news that partners at both Wragges and Lawrence Graham have voted in favour of a merger to create a £170m firm, which is set to go live from 1 May 2014.
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