Fri, 17 May 2013
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Cobbetts and DWF abandon merger talks in uncertain market
The explanation of "uncertain market conditions" is almost as unconvincing as blaming an "overzealous" techie for buying the domain name in November.
Whilst I have no ideal whether the merger was a good idea, taking so long to execute (compare with McGrigors/Pinsent Mason) was always asking for trouble. Cobbetts will have to pick-up the pieces as their talent is now in play.
DWF's dash for growth (being Top 30 is not a tribute to Jimmy Saville) I think is driven by Andrew Leaitherland's appetite to float/be bought-out. Yesterday's RJW announcement shows the money is gravitating to commodity legal services which can be provided by a pliable workforce and not by high-maintenance middle-aged partners. DWF's insurance practice has plenty of the former whilst Cobbetts has a surplus of the latter.
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