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Gouldens has confirmed its future after partners voted through the merger with US firm Jones Day
As first revealed on www.thelawyer.com/lawyer news (7 February), the combination, to be named Jones Day Gouldens, will create the sixth largest firm in the world.
Gouldens' partners voted in principle to the merger on 25 November.
As part of the tie-up Gouldens' 25 equity partners will receive a set level of profits over the next two years. The agreement will safeguard the City firm's income from being dragged down should Jones Day see a fall in profits in the next three years. Last year, average profits per partner at Gouldens were £644,000.
The guaranteed profits come with a three-year lock-in, but it is understood that a handful of elite partners have been gifted a package that includes a notice period of just three months and virtually no restrictive covenants.
Gouldens' joint managing partner Russell Carmedy will head Jones Day's London office. Charters Macdonald-Brown, Gouldens' other joint managing partner and Robert Thomson, Jones Day's London managing partner will not have formal management roles, although they will be supporting Carmedy.
Carmedy said: "This is an excellent merger for both firms. Client needs are increasingly international, and this merger significantly enhances Jones Day's ability to meet those client needs."
The merger will give the new entity 200 lawyers in London and will award Gouldens access to Jones Day's vast worldwide coverage, which includes 12 offices in the US , seven in Europe and eight in Asia.