August 1, 2011 4:07 PM
Clyde, Barlow Partners Approve Largest Ever U.K. Merger
Posted by Chris Johnson
The deal is expected to officially take effect in November, creating a 280-partner insurance-focused firm with annual revenue of around $490 million.
In a statement, Clyde & Co senior partner Michael Payton touted "the benefits that the combined firm will provide for our people and our clients, both in the insurance market and more broadly in the area of dispute resolution, in the U.K. and across our international network."
Up to 10 percent of Barlow's nearly 100 partners will be asked to leave the merged firm as a result of the tie-up, U.K. publication Legal Week reports. Those partners who join the merged firm will be tied into an 18-month lock-in period, during which they will have to pay a financial penalty should they decide to leave, according to Legal Week.
The two firms, which began talks about a possible union in February, are still finalizing other details of the merger, including the allocation of management positions.Make a comment