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Allen & Overy and Allen & Gledhill call time on tie-up talks

This is a good outcome for A&O. The initial talks signaled a desperation or naivete on the part of A&O and / or indicated that it is facing severe profitablity problems. There is simply no way a combination like this could be anything but highly dilutive of profits. There are surely a handful of worldclass partners at Allen & Gledhill, but it is not a very big handful. Had this gone forward it would have been a step in the direction of the evolution of big law firms into faceless, anonymous and unattractive accounting firms. does A&O really want to lead that movement?

6-Apr-2012

11:03 am