Legal Week UK has reported that? Ashurst partners are set to vote by the end of September on a proposed joint venture withAustralian firm Blake Dawson that would if it came to fruition would combine the firms’ Asian operations
Here’s what Legal Week say
http://www.law.com/jsp/article.jsp?id=1202513850177&slreturn=1&hbxlogin=1
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The Asian venture would operate under the Ashurst name and the pact may lead to a full merger between the two firms, according to Legal Week. Blake Dawson would hold a stake in the venture.
The deal would significantly expand London-based Ashurst’s Asian presence by adding Blake Dawson’s 13 regional partners and offices in Shanghai, Papua New Guinea, Singapore and Tokyo, as well as an associated Indonesian firm (Oentoeng Suria & Partners). Ashurst, a Global 100 firm, already has 18 partners in Hong Kong, Tokyo and Singapore.
The agreement also proposes the firms merge global operations within three years if certain conditions are met. For one, Sydney-based Blake Dawson would have to meet specific profitability and revenue targets in Australia. The firm has 180 partners in Adelaide, Brisbane, Canberra, Melbourne, Perth and Sydney.
As we noted in June, Ashurst engaged in preliminary discussions with Blake Dawson as it sought a foothold in Australia.
If Ashurst pursues the merger in Australia, it would join rival U.K. firms Clifford Chance, Allen & Overy and Norton Rose, which all previously expanded there. The Am Law Daily has reported on how rapidly expanding British firm Norton Rose saw its gross revenues increase 9 percent after acquiring Australia’s Deacons in a merger last year.
Both Ashurst and Blake Dawson declined to comment, Legal Week said.
