HBJ Gateley Wareing has written to City and US firms suggesting they set up Lovells-style Mexican wave referral relationships.
HBJ, which has seven UK offices, is “not looking to cut across any existing [client] relationships”, according to joint senior partner Mike Ward.
“The market’s perception is that an acquisition of a £500m-turnover company, for example, is too big a deal for us, but you might find there’s work required [resulting from that] that we can do,” said Ward. “Legal counsel are looking for a reduction in costs of around 5-10 per cent rather than 40-50 per cent, with all the attendant problems that can bring. The challenge we’ve set some of these organisations is, ’you look east, but do you ever look north?’”
Ward that the project is a “work in progress” and that his firm has received “some nice letters back” from the handful of firms it has contacted.