Yet another Transatlantic tie-up: Ashurst and Perkins Coie announce $2.7bn merger
UK law firm Ashurst has agreed to merge with the US law firm Perkins Coie, the latest move in a series of large transatlantic tie-ups in the legal sector.
After a week of speculation about Ashurst being in merger talks, the firm agreed a deal with Settle-based Perkins Coie to become a $2.7bn law firm, and will be known as Ashurst Perkins Coie.
The trend of large transatlantic mergers in the legal sector has intensified over the last year, following the A&O Shearman deal. Since then, Herbert Smith Freehills and Kramer Levin have merged to create multi-billion-dollar law firms.
With a hook in London along with the US, some law firms are working to surge to the ‘Global Elite’ title, with firms such as Kirkland & Ellis, the highest-grossing and most profitable law firm in the world, generating nearly $9bn in 2024.
Bill Malley, the managing partner of Perkins Coie, said: “Today, our clients face challenges and opportunities that are not only global but also increasingly complex. To meet this moment, we must strengthen our ability to deliver trusted legal guidance seamlessly across borders.”
Paul Jenkins, chief executive of Ashurst, added: “Our ambition for many years has been to grow in the U.S. with the right partner: a firm with deep, trusted expertise that complements our own.”
Ashurst Perkins Coie will have over 3,000 lawyers across 23 countries, with ‘flagship hubs’ in Seattle, London, Sydney and New York, compared to an overall headquarters.
Ashurst Perkins Coie will be led by Malley and Jenkins as global co-CEOs.
Karen Davies of Ashurst and Brian Eiting of Perkins Coie will be co-chairs of the combined firm, while Mark Birnbaum, the current chair of Perkins Coie’s executive committee, whose regular term expires at the end of 2025, will continue serving in that role through closing.
Trump’s eye on Perkins
Across the Atlantic, Perkins Coie was caught up in Donald Trump’s attack on Big Law after being one of the firms hit with an executive order. The firm represented Hillary Clinton’s 2016 campaign, while Covington represents Jack Smith, an individual who brought criminal charges against Trump.
Unlike some other firms, Perkins didn’t cave to Trump; instead, it launched a legal challenge over the order and won. However, the Department of Justice has stated that it will appeal.
This merger follows the news last week that US law firm McDermott Will & Schulte is reportedly exploring a complex restructuring to allow private equity firms to buy a stake, in a move that could be a major milestone for the legal market.