One imagines Speechlys is the more disappointed of the two firms
The proposed merger between private client law firms Speechly Bircham and Withers, announced in March, has been scratched, we learnt today. One imagines Speechlys is the more disappointed of the two firms.
As I wrote when the potential merger was announced, it was hard to see what Withers had to gain from it and easy to see that Speechlys could have benefited. During 2011-2012, Speechlys had a rough time financially, with net profit and revenue falling, and they lost their biggest client, RBS.
Withers, with a global reach from New York to Hong Kong, have been prospering, and in early March announced the launch of a non legal consultancy service, the Withers Consulting Group. Among their ranks are several of the finest family lawyers in the UK.
The press release says: ‘Both sides have now concluded that a merger would not be in the best interests of both firms and have agreed not to pursue this further.’ No mention of the fact that there’s probably a fair amount of disappointment in the air in Speechlys' New Street Square offices this morning.