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CC circles Gilbert & Tobin to fulfil Aussie strategy

13 December 2010 | By Gavriel Hollander

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Sydney firm Gilbert & Tobin has emerged as the leading candidate as Clifford Chance steps up its search for an Australian tie-up.

The magic circle firm is understood to have held talks with a number of firms in both Sydney and Perth with a view to finding ­merger partners in both cities.

While talks with Cochrane Lishman Carson Luscombe in Perth have stalled, speculation has intensified in Australia that a deal with Gilbert & Tobin is still on the table.

The Sydney firm was launched as a telecoms and media boutique in 1988. It is now a full-service firm with more than 50 partners.

One Sydney-based source said: “They’re ideally set up to merge with a magic circle firm.”

While discussions with Cochrane Lishman have ended, sources in Perth said that a deal could still be ­possible, with the situation currently described as “up in the air”.

One Perth source said: “It’s true to say that with A&O [Allen & Overy] coming here and the investment there’s been in Western ­Australia, it’s something they [Clifford Chance] would like to do.”

A&O launched in Perth and Sydney earlier this year when it swooped for teams of lawyers from Clayton Utz and Freehills.
Norton Rose also established itself in Australia at the beginning of the year when its tie-up with ­Deacons went live.

Asked about Clifford Chance’s search for a ­merger target, another source revealed: “There’s no doubt Clifford Chance has been hard at it and has been for some time.”

Clifford Chance is thought to have pursued an Australian merger ever since informal talks with Mallesons Stephen Jacques concluded in 2008.

The firm declined to ­comment on the story.

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Readers' comments (8)

  • Anonymous | 13-Dec-2010 12:20 pm

    Although a little on the small side, Gilbert & Tobin is a great firm and would provide Clifford Chance with an excellent entrée into the burgeoning Australian market.

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  • Anonymous | 14-Dec-2010 0:14 am

    G+T have a formal alliance with Blakiston & Crabb in Perth, a top-notch boutique resources firm, which - if they come on board too - may make it even more attractive to CC.

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  • Ben | 14-Dec-2010 2:19 am

    Really quite a random mid tier choice. Not exactly going to bolster CC profits or reputation.

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  • Anonymous | 14-Dec-2010 4:10 am

    No doubt that CC will move in, much to Mallesons disappointment.

    In some respects, smaller firms like G&T, Corrs and JWS are better aussie prospects for magic circle firms as although as the merger would not be one of equals although the aussie firms have good clients.

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  • Anonymous | 14-Dec-2010 11:15 am

    You have to wonder who on earth is advising CC in Australia. These options are lame. G + T provide no depth outside Sydney and the other supposed targets are too small. Corrs is a possibility, but at the same time, there are numerous other options CC could take to hit the ground running.

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  • Anonymous | 14-Dec-2010 12:58 pm

    Quote - "You have to wonder who on earth is advising CC in Australia. These options are lame. G + T provide no depth outside Sydney and the other supposed targets are too small. Corrs is a possibility, but at the same time, there are numerous other options CC could take to hit the ground running."
    This is exactly why CC would be looking at G+T. Does any magic circle firm really want an office in Brisbane or Adealide? Doubtful.

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  • Anonymous | 14-Dec-2010 8:19 pm

    You have it wrong, Anon. Sydney isn't enough. The international players need a presence in Sydney, Perth, Melbourne and possibly Brisbane to target the resources sector, as well as to provide an integrated network across Australia.

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  • Anonymous | 14-Dec-2010 11:08 pm

    G&T, JWS, Blakes or Corrs would be logical foreign takeover choices. G&T has excellent rep in Sydney but no presence in crucial resources markets (unless Blakistons joins up). Blakes has very strong resources practice esp. in Brisbane and Perth but its Sydney/Melb presence is weaker. Corrs has become very profitable, with good M&A practitioners but question is whether it has the client links (which presumably a firm like Clifford Chance would bring). In each cases, the firms wouldn't challenge the supremacy of the European partners. Mallesons, Allens or Freehills are too established for it to be a 'merger of equals'.

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