Squire Sanders and Coudert Brothers pull plug on merger” />Merger talks between Coudert Brothers and Squire Sanders & Dempsey have collapsed due to concerns over the tied firm’s international strategy.
It is understood that the firms began conducting due diligence into each other’s businesses a number of weeks ago.
However, sources say the discussions have fallen over.
One insider said: “Squire Sanders came to the conclusion that taking Coudert on board would increase the issues with the firm’s international strategy rather than reduce them.”
It is understood that talks were on the verge of progressing to the final stage, and were dependent on completion of due diligence.
But just two weeks ago, sources close to Squire Sanders said the firm was talking to a number of firms, not just Coudert Brothers, adding: “I don’t think we had an in-depth analysis of the possibilities of a merger [with Coudert Brothers].”
Squire Sanders was one of three firms shortlisted by Coudert Brothers as potential merger targets. Coudert Brothers hoped to strengthen its North American operation and its London presence through the tie-up.
However, in the past 18 months it has seen significant staff turnover throughout its Continental European offices, including Italy where a number of Milan-based lawyers moved to DLA.
Squire Sanders’ Italian operation has also suffered loses, with partner Andrea Carreri leaving earlier this year. Coudert Brothers’ French and German offices have also been hit with departures, but in Paris the firm replenished its lawyer count in August last year by taking on E&Y Law corporate partner Alain Decombe.
Coudert and Squire Sanders were unavailable for comment.