The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
In the biggest move to hit the shipping and insurance sector for years, Clyde & Co is merging with aviation boutique Beaumont and Son to create a £117m business.
The merger will take effect from 1 July this year and will swell Clydes' revenues by £13m. Eleven Beaumonts partners will join Clydes' full equity and one Beaumonts partner will also join Clydes' six-strong management board.
Clydes senior partner Michael Payton said: "I've always admired Beaumonts' practice enormously. They're written into 80 per cent of the world's airlines insurance covers. Aviation has so many parallels with shipping work - in many instances the insurers are the same."
The firms already share a number of insurance clients, including Ace, AIG, Allianz, The St Paul, Amlin and Brit.
Beaumonts senior partner John Balfour said: "We were coming under increasing pressure in the Far East and Middle East, and for a firm of our size it was difficult to commit the resources."
Clydes is reporting a turnover of £104m for the financial year 2004-05, with an average profit per equity partner (PEP) of £500,000. Beaumonts' average PEP was in the region of £280,000 last year. The combined firm will be targeting a turnover of £126m for the next financial year.
Payton said: "After integration costs, we should maintain the same level of profitability."
The merger may herald a new bout of consolidation in the shipping and insurance sector. Last year Holman Fenwick & Willan established an alliance with Gates and Partners, a firm set up by former Beaumonts senior partner Sean Gates.