Rakisons and Steptoe & Johnson tie the knot

The two firms had been locked in talks for several months. The UK practice will be known as Steptoe Johnson Rakisons for the first year; after that, Rakisons will be permanently dropped from the name. The US firm will not change its moniker.

Steptoe & Johnson chairman Lon Bouknight, who will become chairman of the merged firm, confirms there will be full profit sharing but declines to discuss details.