Biglaw Merger Alert: This Transatlantic Tie-Up Will Create A $2B Megafirm

Their combined revenue would catapult the new firm near the top of financial rankings.
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Back in September, we reported that there was “heightened” interest in transatlantic mergers between U.K. and U.S. firms in the wake of the A&O Shearman merger, which joined U.K. firm Allen & Overy and U.S. firm Shearman & Sterling. Now, just two months later, we’ve got news of yet another major merger announcement between U.K. and U.S. firms — and this merger is set to create a Biglaw giant.

U.K.-based Herbert Smith Freehills — No. 34 on the Global 200 — and New York-based Kramer Levin Naftalis & Frankel — No. 141 on the Global 200 — have jointly announced that they’ll be combining to form Herbert Smith Freehills Kramer, aka HSF Kramer. The merged firm will have 2,700 lawyers and is expected to have at least $2 billion in revenue, putting it on track to rank in the top 25 on a global scale. HSF operates in 16 countries, while Kramer Levin has three offices in the U.S. and one office abroad, in Paris. The Paris office, however, will not be included in the merger.

As noted by Law.com International, here’s what the firms’ leaders had to say about the monumental decision to merge:

“This is transformational. We have long been committed to expanding our offering in the U.S., and Kramer Levin is the perfect fit,” said HSF’s chair and senior partner, Rebecca Maslen-Stannage. “The combination delivers immediate growth for both firms from day one.” …

“This is an excellent long-term, strategic move for our firms, our clients and our people—a bold opportunity to build an exciting international firm together, based on our strong cultures of collaboration, superb clients and people, and our existing areas of strength,” said HSF CEO Justin D’Agostine. “This is just the beginning.”

Kramer Levin’s co-managing partner Howard T. Spilko said, “Joining forces with Herbert Smith Freehills is a one-of-a-kind opportunity that helps us achieve our vision and potential for strategic growth. The combination provides us with a significant competitive advantage by bolstering our destination practices with a deeper bench, broader geographic reach and sector expertise, while providing the opportunity to collaborate to achieve great outcomes for clients internationally.”

In a joint statement, HSF and Kramer Levin said that their “close cultural alignment and shared vision for the future significantly bolsters the combined firm’s ability to attract and retain the very best talent.” A partner vote on the merger is expected to occur at both firms by February 2025.

Congratulations to Herbert Smith Freehills and Kramer Levin on their impending tie-up. Best of luck to both firms as their merger plans unfold.

Kramer Levin to Merge With Herbert Smith Freehills [American Lawyer]Herbert Smith Freehills Merger Omits Kramer Levin Paris Office [Bloomberg Law]

Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on X/Twitter and Threads or connect with her on LinkedIn.