A source close to Clyde & Co said that the negotiations fell down due to lease obligations on the buildings occupied by DJ Freeman. Of those properties, 43 Fetter Lane is understood to have a 10-year lease at around £45 per sq ft.
However, a DJ Freeman source said that his firm was the one to walk away, citing remuneration and incompatibility as other elements that scuppered the potential deal.
The Lawyer understands that Clyde & Co is still leaving the door open to a possible merger with Kendall Freeman, despite the fact that the insurance and litigation boutique said the merger is no longer on the cards.
DJ Freeman’s insurance and litigation partners, which will comprise new firm Kendall Freeman, were in negotiations with Clyde & Co at the same time that the property and media groups were talking to Olswang.
Clyde & Co is understood to have been looking to take on the entire Kendall Freeman group.
DJ Freeman chief executive Laurence Harris declined to comment on the talks with Clyde & Co. “We’re not in discussions and merger is not a part of the strategy for Kendall Freeman,” he said.