There we were, all geared up for Herbert Smith’s Aussie marriage with Freehills later this week when along comes CMS with merger-related news of its own.
As we reveal today, Camerons and its nine affiliate firms is targeting a transatlantic deal within the next 12 months.
“We’re looking for a strong national firm that is able to offer us a leading position in the US market as we can offer them aEuropean platform,” says a Camerons source.
Well, good luck with that. Much as Camerons would love the CMS network to be seen as a seamless single entity, let’s just say the market retains a certain scepticism about that and, consequently, the odds on it squaring away a US merger.
“There’s no coherent story,” claims one legal market expert. “At the moment the message is that it’s a network when it suits them and independent when it doesn’t. Persuading a US firm to merge with something like that isn’t going to happen, particularly with the shape the euro is currently in.”
Ouch. So the question is: will CMS beat the Norton Rose Verein to a transatlantic deal?
What with the rampant consolidation in the UK market, at this rate The Lawyer’s UK200, which is currently getting into gear, will soon be The Lawyer UK20. And then where would we be?
Meanwhile if it’s a bigger picture you’re after, and want to know all about Twitter, Google and Spotify, click on the link for this year’s Transatlantic Elite.