Herbert Smith to vote for full financial integration with Freehills

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  • Will it save them money?

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  • Could it be that this sudden urge to embrace a full merger is in fact Herbies realisation that it has some serious gaps to fill across the firm? Will Freehills partners be relocated to London?

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  • While the financial crisis or Great Recession that began in 2008 dominates our financial consciousness, it strikes me that the events that began in December 2010 and will no doubt continue through the U.S. presidential election in November 2012 may have more of a lasting impact on our collective economic futures.


    Thanks,
    Economic Warfare Book

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  • Game changer

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  • Wow, an actual merger... big

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  • Assuming the deal gets approved, Herbies is keeping its separate lockstep for the time being. The deal requires a second vote at a later date before any changes get made to the Herbies lockstep. The turkeys aren't voting for Christmas just yet, but this is the first step.

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  • Freehills + Herbies = FREEBIES!

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  • Does this mean they will soon be launching a redundency program for Freehills in Sydney and Melbourne? It's the Herbies way afterall. Manage profits through redundencies since they're incapable of generating a meaningful revenue per lawyer figure.

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  • Freehills has considerably more equity partners than Herbert Smith, where more than half of the partnership is non-equity. If they are truly going to merge into a single equity partnership it will crush Herbert Smith's profit per equity partner numbers, which already lag considerably behind all of the Magic Circle firms. How will Herbert Smith continue to manipulate their profit numbers without their huge number of non-equity partners to hide their pathetic financial performance?

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  • Poor James Palmer must be mortified to see his precious lockstep going the way of the dinosaurs. I wonder how this will impact their "collegial" culture that they treasure so much. I bet it won't be collegial when they have to start trying to justify their paychecks in a non-lockstep firm. Welcome to the wonderful world of capitalism gentlemen!

    Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures, the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge, has marked the upward surge of mankind and greed, you mark my words, will not only save Freehills, but that other malfunctioning partnership called Herbert Smith!

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