10:41, September 30 237 0

2016-09-30 10:41:07

 

Live-blog: CMS, Nabarro and Olswang partners to vote on historic three-way merger

A source told The Lawyer it has been “well-known” that CMS senior partner Penelope Warne has “long aimed to grow CMS into a top five UK firm”.

With the Olswang and Nabarro merger set to bring its global revenue up to £997m, it looks like this deal is the solution CMS has been waiting for.

Earlier this year Warne denied to The Lawyer CMS was in talks with Olswang.

Students who have secured training contract places at CMS, Nabarro and Olswang are questioning what will happen to their future places should the merger go through on various blogs and websites.

Read our post: What happens to a firm’s future trainees when it goes through a merger?

Lawyer 2B editor Richard Simmons calls on the example of DWF, which saw its trainee intake increase by 411 per cent in three years after a spate of mergers.

“The new Dentons”. A number of market sources have compared the proposed merger to Dentons’ similar three-way combination in 2013.

Salans, SNR Denton and Canadian firm Fraser Milner Casgrain joined forces as a Swiss Verein under the Dentons banner. Three years on and Dentons is the biggest law firm on the planet with approximately 7,300 lawyers.

Lockdown continues. CMS, Nabarro and Olswang have all yet to respond to the news its partners are voting on a historic three-way merger today. For the last 24 hours, no member of senior management or press officer has picked up their phone or responded to emails.

Speculation is rife that the three-way merger will involve a “carve-up” of Olswang and Nabarro, with some partners swapping between the two firms or heading to CMS, and some partners launching a TMT boutique.

The Lawyer has been following Olswang’s attempt to secure a merger since the start of this year, when CEO Paul Stevens told the partnership at its January conference it had approached a number of firms. At the time, these firms were understood to be Bird & Bird and Simmons & Simmons. Both firms rebuffed the advances.

Here is the full list of stories following the merger talks throughout this year…

29 Sept: CMS to merger with Olswang and Nabarro subject to vote

29 Sept: Olswang three-way merger imminent 

12 Sept: Nabarro enters race for shrinking Olswang as CMS has second thoughts 

20 July: Wedding bells? CMS circles Olswang in merger bid

9 Feb: Olswang on merger hunt as 2Birds and Simmons targeted 

The Lawyer’s live-blog on the historic three-way merger of CMS/Olswang/Nabarro (CMS Nabbarwang?) has begun.

Partners at all three firms are understood to be attending firmwide meetings this morning.

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