Merger talks between City firm Rakisons and US firm Leboeuf Lamb Greene & Macrae have broken down following last week's departure of Rakisons' head of telecoms (The Lawyer, 7 February).
The talks had reached “advanced stages”. It is understood the firms had exchanged financial information.
Sources say that Leboeufs has been looking for a telecoms and IP/IT practice, so the departure of head of telecoms Chris Hoyle to KLegal could have ended the talks.
Leboeufs profits per partner are around £280,000 and Rakisons' are understood to be around the same.
Rakisons denies the talks. Alan Jones, Leboeufs joint managing partner, says: “The firm does not comment on mergers or lateral hires as we get so many invitations.”
In November, Rakisons' talks with Stephens Innocent collapsed when it merged with Finers instead (The Lawyer, 8 November).