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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.
Barlow Lyde & Gilbert (BLG) is planning to merge with fellow insurance firm Clyde & Co, in a deal that would propel the combined entity into the UK top 10 by turnover.
It is understood that the two firms have been in talks about a possible tie-up for several months.
Clydes chief executive Peter Hasson said the tie-up deserves “serious consideration” given the impact it would have in the insurance market.
BLG chief executive David Jabbari said in a statement that the firm had been exploring a number of different merger options, adding that a tie-up with Clydes has “obvious potential”.
BLG has positioning itself for merger for the last year and has seen a number of exits from its partnership. That said, its headcount has not declined because last year it acquired the Manchester office of now-defunct firm Halliwells.
For the 2010-11 financial year the firm posted a 17 per cent rise in turnover, up to £94.5m from £80.8m in 2009-10 (16 May 2011).
Clydes, meanwhile, broke through the £200m turnover barrier for 2010-11, posting revenues of £212m up from £192m a year earlier (23 May 2011).
There is some disparity between the two firms’ profitability figures, with BLG predicting an average profit per equity partner (PEP) figure of around £300,000 for th 2010-11 year while Clydes’ PEP for 2009-10 was £605,000.
Any merger would send shockwaves through the insurance legal market, leaving firms such as Kennedys, which posted revenues of £88.2m 2009-10, and Holman Fenwick Willan, with revenues of £112.5m in 2010-11, in the merged entity’s wake.