A proposed merger between Allen & Overy and Shearman & Sterling is on the brink of creating a new legal heavyweight on the global scene named A&O Shearman. Shaping into a potential Biglaw behemoth, the fusion, if ratified by the partnerships of both firms, would bring together 3,900 lawyers, including approximately 800 partners, dispersed throughout 49 offices globally. The combined revenue is projected to hit a whopping $3.4 billion. The eagerness around this planned merger began stirring in May and is entering its final stages after months of intensive groundwork by A&O and Shearman senior partners, Wim Dejonghe and Adam Hakki, respectively. Read more.
As pointed out by the American Lawyer, the partnership vote is anticipated to commence on September 28, culminating on October 13. All due procedures, such as financial and operational due diligence, filing for antitrust clearances (the waiting period having expired in the United States), and finalizing modifications to retirement and pension programs, have been completed by both firms. Read more.
Arrangements on pensions, which were seen as one of the critical challenges between two firms, have also been settled Read more. For the merger to come into fruition, a minimum of 75% of each firm’s partnership is required to cast their vote in favor of the upcoming merger.
Expressing his thoughts on the upcoming vote, A&O Senior Partner Dejonghe commented, “Preparations for the proposed merger are going well and we have received great feedback from clients and colleagues. Over the past few months, partners and teams from both firms have been meeting and building relationships, and the excitement about the opportunities for the merged firm is palpable.” If the vote goes in favor, we could soon see a new powerhouse firm rising in the Am Law rankings.
Full article at Above the Law.