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Norton Rose seals $1.9bn merger with America's Fulbright & Jaworski

Re Links/CC/Freshfields there is some truth that they also grew by merger - but they are merged firms, not Vereins, and there is a crucial difference - they make MONEY. This stupid cheerleading for firms that just bolt bits together to achieve size in number of lawyers and a gross turnover. McDonalds has a lot of restaurants - but they sell cheap food. NR and F&J are not succesful law firms when you measure their profit against other Global 100 law firms, a PEP of $750,000 puts you at the bottom of the heap. These firms are always going to be at the mercy of the truly succesful firms - Skadden, Links, Davis, Cleary, Freshfields, Latham, A&O, Kirkland, Simpson...even mid tier firms like W&C, Sidley, Macfarlanes, Herbert Smith,Proskauer, MoFo, Travers, Hogan Lovells, Greenberg, V&E, Baker Botts are TWICE as profitable and firms the next level down are still 30% more profitable than Norton Rose, so stick it all together and what do you have -a big trailing franchise - is that Burger King?

15-Nov-2012

3:56 pm