LAW firms Pinsent Masons and McGrigors yesterday confirmed they are in merger talks over a deal that could create one of the largest UK law firms by revenue.
A tie-up between the groups, both known for their strong project finance practices, would result in a business with a turnover of more than £300m, earning it a place among the UK legal sector’s top 20.
In a statement yesterday afternoon, the firms said: “We can confirm that Pinsent Masons and McGrigors have been in discussions about ways in which both firms can work together.
“Both firms complement each other well, being leaders in the field of construction, energy and infrastructure,” they added.
Based on the firms’ current networks, a combined group would have more than 1,250 lawyers across 14 offices, including more than 350 at partner level.
Last November Pinsent, the larger of the two, reported half-year revenues of £105m, a six per cent increase on the previous year. At the time, managing partner David Ryan said that the firm was well placed to grow, despite being “under no illusions that the next six months will be difficult”.
Pinsents made a profit per equity partner (PEP) of £400,000 in 2010-11, compared to £247,000 at McGrigors, which is led by managing partner Richard Masters.
The firms said they would continue discussing plans with their partners, which could lead to a vote on the merger in the coming weeks.
FAST FACTS | PINSENT & MCGRIGORS
● Pinsent Masons has around 250 partners in offices across the UK, the Gulf and Asia
● McGrigors has around 90 partners, with a focus on financial services, energy and infrastructure