Eversheds has US merger in its sights after partners vote to pursue strategy
Eversheds partners voted to pursue a merger with a US firm over the summer, with management now in active discussions with potential targets.
November 20, 2014 at 04:48 AM
2 minute read
Eversheds partners voted to pursue a merger with a US firm over the summer, with management now in active discussions with potential targets.
Partners showed their support for the move at the firm's International Partners Conference that took place in Rome this June.
Sources close to the matter say that senior figures at Eversheds are currently speaking with a number of US firms, having drawn up a shortlist of candidates.
The firm is thought to be looking for a partner with a strong New York presence as an essential part of the deal, but is unlikely to engage in a "merger of equals" according to one partner at the firm.
Instead, the firm is said to be looking to build in the US with a series of smaller acquisitions, with a view to also expanding its presence on the West Coast.
"To get to the ideal US position one merger will not be enough," said one partner in a management position at the firm. "You have to combine several attributes from several firms to get the clientele, recognition and location we are after.
"It was made clear that a New York firm was a requirement….It's not as if we feel we have a shortage of US work, but people are losing mandates because they aren't practicing US law."
The firm already has an expansive international network, which reached 57 offices in 31 countries across EMEA and Asia with the addition of Finnish firm Juridia Bützow earlier this month.
The Finnish merger came on the back of the firm adding 10 independents to its African Law Institute network in March, and four offices across Africa through tie-ups with South African firm Mahons Attorneys and Tunisia's El Heni late last year.
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