Reasons to be cheerful – is the LG merger a good move for Wragge & Co?
For a law firm leader, Wragge & Co senior partner Quentin Poole is very approachable. Neither colleagues nor rivals seem to have a bad word to say about him and, as the firm's long-awaited London merger draws closer, he has more reason than ever to be cheerful. Wragge Lawrence Graham & Co may not exactly roll off the tongue, but the tie-up goes some way towards giving Wragges the London traction it has been struggling to build organically for many years. Not to mention a shiny, relatively new office in More London – albeit, an office more synonymous with merger partner Lawrence Graham's financial difficulties than anything positive. The union, which goes live in May, takes Wragges from Birmingham firm to UK player and represents a shift in its approach to the UK legal market and beyond. It's a deal that makes sense for both firms even though it does not come near to delivering the finished article.
February 13, 2014 at 06:40 AM
3 minute read
For a law firm leader, Wragge & Co senior partner Quentin Poole is very approachable. Neither colleagues nor rivals seem to have a bad word to say about him and, as the firm's long-awaited London merger draws closer, he has more reason than ever to be cheerful.
Wragge Lawrence Graham & Co may not exactly roll off the tongue, but the tie-up goes some way towards giving Wragges the London traction it has been struggling to build organically for many years. Not to mention a shiny, relatively new office in More London – albeit, an office more synonymous with merger partner Lawrence Graham's financial difficulties than anything positive.
The union, which goes live in May, takes Wragges from Birmingham firm to UK player and represents a shift in its approach to the UK legal market and beyond. It's a deal that makes sense for both firms even though it does not come near to delivering the finished article.
Lawrence Graham has seen partners leave as profits have tumbled over the years, and is lighter in both intellectual property and corporate than Wragges would perhaps have liked. More significantly though, at a time when many firms have already built large international presences organically, while others hunt for elusive merger partners around the world, this deal only takes Wragges to London. It doesn't even move the combined firm significantly up the UK revenue rankings, as both global and UK consolidation means the gulf between the UK top 20 and everyone else continues to grow.
As Poole explains in this week's interview, the firm is aware of its post-merger international shortcomings and regards the Lawrence Graham tie-up as a stepping stone to global expansion.
Following the lead of the likes of Norton Rose Fulbright and indeed Dentons, Wragges is actively exploring international merger opportunities. But this is easier said than done. While Norton Rose sets an eye-catching example of what can be achieved, there are many more examples of firms that have struggled to match their expansionist ambitions with concrete results.
Assuming Wragges has used its position as the dominant merger party to secure good terms, the only real question for now is whether Poole himself will remain at the firm long enough to make serious inroads into the global market. Given Wragges' track record of putting the preservation of its culture at the top of its priorities – hence the firm's slow progress in London until now – this seems unlikely.
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