Clydes set to cherry-pick BLG teams pre-merger
Clyde & Co has drawn up a shopping list stipulating exactly which teams it wants from Barlow Lyde & Gilbert (BLG) to allow the proposed merger between the two firms to go through.
Roger Doulton
Partners at the firms are due to vote on the £300m deal later this week, with Clydes going to the polls on Thursday and BLG partners on Friday (28 and 29 July).
It is understood that a list has been drawn up by Clydes partner Roger Doulton, who was one of a trio of high-level insurance partners who quit BLG in May 2009 to join Clydes.
A source close to the firm said: “There’s a list circulating, and the rationale being given to those people who aren’t on it is that there’s too much of a clash between the practices or that Clydes already has too many senior people in a particular area.”
Top of the most-wanted list is BLG’s professional indemnity practice, led by partner Sarah Clover, which is understood to be fully supportive of the merger. BLG’s general insurance practice is also attractive to Clydes.
BLG needs 75 per cent of its 98 partners to support the merger for it to go through. Sources said partners will be asked to sign a lock-in agreement guaranteeing their commitment to the merged firm.
Readers' comments (8)
Anonymous | 25-Jul-2011 9:15 am
no wonder Roger is chuckling!
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Anonymous | 25-Jul-2011 12:19 pm
Jabba the Cut NOT amongst them, we hope!
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Anonymous | 25-Jul-2011 12:52 pm
hmmm, where have we heard this before. Clydes pretend to merge with a firm, then once they have got the firm unsettled, they turn round and say now we don't want you all anymore, but we want this department and that department only, and yes thanks we will take all your clients from the whole firm. It happened to Shadbolts, where the end result meant two thirds of the firm losing there jobs. I hope Clyde & Co will one day be made to pay.....
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Anonymous | 25-Jul-2011 2:36 pm
This could be a tactic from Doulton to destroy the merger. I think he has perhaps planted this story. He wants to scare the BLG partners into thinking that their name is not on his "list", so that they will vote down the merger.
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Anonymous | 25-Jul-2011 3:44 pm
The BLG partners will doubtless be aware of any list before approving any deal so to suggest they will be scared by stories is inane. Clydes cannot be faulted for clearly setting out their requirements.
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Anonymous | 25-Jul-2011 6:36 pm
This always struck me as one of the potential stings in the tail for this deal: how would Doulton and his fellow defectors from BLG feel about a merger? It would seem he has been given the role of Kingmaker - so presumably not so bad! I'm sure enemies have been made along the way and there will be some blood on the carpet.
I think the decision re the ex Halliwells team in Manchester will be interesting.
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Anonymous | 26-Jul-2011 9:45 am
Anonymous at 12:52pm 25 July 2011 - did you work at Shadbolts?
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The Notorious BLG | 26-Jul-2011 12:30 pm
One can only assume that 75% of BLG's 98 partners are on The List, otherwise it will be challenging to get the vote through.
It's a great opportunity for BLG to offload the remainder of its dead wood and blame it on Clydes.
So much for this being a merger. As previously predicted, it's a fire sale.
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