Orrick Nixes Potential Merger With UK's 600-Lawyer SJ Berwin
Orrick Herrington & Sutcliffe has called a halt to a potential merger with a well-known London-based law firm.
Amidst news of the now-completed Hogan Lovells marriage, “a host” of United States law firms have been looking to expand in London, reports the London Times.
But Orrick and SJ Berwin won’t be tying the knot, the newspaper says, explaining that it has reviewed an internal Orrick memorandum in which chairman Ralph Baxter tells partners the San Francisco-based international firm walked away “based on our discussions to date and the information now available to us.”
The U.K. firm, which has about 600 lawyers in 12 offices in Europe, the Middle East and Asia, according to its website, couldn’t be reached by the Times.
SJ Berwin is the 18th-largest law firm in London and has a major focus on commercial real estate and private equity and took a heavy hit during the financial crisis, the newspaper reports. Annual revenue dropped 14 percent to 184 million pounds (about $279 million in U.S. dollars, at the current rate of exchange) and average profit per equity partner was nearly chopped in half, to 410,000 pounds ($622,180).
Orrick has some 1,100 lawyers in 22 offices worldwide, according to its website.
Related coverage:
ABAJournal.com: “Is Orrick Considering Merger with UK Law Firm?”
London Times (Sept. 2009): “Partners at SJ Berwin feel pinch as cash is conserved”
