Clyde & Co set to merge with insurance specialist BLM
London law firm Clyde & Co is in advanced negotiations to merge with insurance specialist BLM, the two law firms have said.
A spokesperson for BLM confirmed to City PM that the law firm is in advanced talks for a merger with Clyde & Co, as she said the firm will be holding a partner vote by the end of March.
Last year, Clyde & Co generated revenues of £639.6m compared to BLM’s revenues of just over £100m, meaning a merger would see the two firms combined revenues sit just below £750m.
If completed, the merger will see Clyde & Co’s almost 1,800 lawyers join BLM’s 800 lawyers.
“Following detailed discussions and a period of due diligence, BLM and Clyde & Co partners will vote on a proposed merger of the two organisations,” the BLM spokesperson said.
The BLM spokesperson said a merger would allow both firms to expand their insurance offerings, as she claimed the “strategic and commercial compatibility of the two firms is undeniable.”
“Whilst Clyde & Co is a global business, we both have an extremely strong presence in the insurance sector in the UK and Ireland,” the BLM spokesperson said. “Clyde & Co also boasts a strong offering in business and advisory services.”
A spokesperson for Canada law firm Clyde & Co also confirmed the talks, as he claimed a merger would allow the firm to grow its casualty insurance practice.
BLM has well established healthcare and casualty insurance practices and has featured on numerous NHS legal advice panels.
“As the world’s leading insurance law firm, we are always looking to grow for the benefit of our clients,” the Clyde & Co spokesperson said to City PM
“We have long sought to significantly increase the scale of our casualty insurance practice in the UK so that we can provide the full scope of services, technology, data analytics and innovation that clients in this dynamic part of the insurance market require.”
“We consider a merger such as this the best way to realise these ambitions. BLM is a firm we have long admired and we believe a merger can be formed on the basis of our complementary client rosters and our shared focus on quality.”