{"id":107832,"date":"2025-02-06T09:03:23","date_gmt":"2025-02-06T17:03:23","guid":{"rendered":"https:\/\/xira.com\/p\/2025\/02\/06\/top-biglaw-firm-unveils-u-s-financial-losses-ahead-of-transatlantic-merger-that-will-create-a-2b-megafirm\/"},"modified":"2025-02-06T09:03:23","modified_gmt":"2025-02-06T17:03:23","slug":"top-biglaw-firm-unveils-u-s-financial-losses-ahead-of-transatlantic-merger-that-will-create-a-2b-megafirm","status":"publish","type":"post","link":"https:\/\/xira.com\/p\/2025\/02\/06\/top-biglaw-firm-unveils-u-s-financial-losses-ahead-of-transatlantic-merger-that-will-create-a-2b-megafirm\/","title":{"rendered":"Top Biglaw Firm Unveils U.S. Financial Losses Ahead Of Transatlantic Merger That Will Create A $2B Megafirm"},"content":{"rendered":"
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<\/figcaption><\/figure>\n

The highly anticipated transatlantic merger<\/a> between U.K.-based Herbert Smith Freehills \u2014 No. 34 on the Global 200 \u2014 and New York-based Kramer Levin Naftalis & Frankel \u2014 No. 141 on the Global 200 \u2014 will be voted on by partners this month, and if approved, the combination will go live in May.<\/p>\n

There\u2019s just one little problem: HSF recently suffered its second year in a row of operating losses here in the U.S. The American Lawyer<\/a> has the details:<\/p>\n

\n
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HSF\u2019s New York Limited Liability Partnership accounts, filed on the U.K.\u2019s Companies House, showed the firm made a loss of $5.9 million, compared with a loss of $5.3 million the previous year.<\/p>\n

Revenue for the New York LLP did marginally increase, however, from $48.8 to $50.8 million. \u2026<\/span><\/p>\n

A spokesperson for HSF commented: \u201cThe U.S. is a strategically important market in which we have invested heavily. Following our proposed combination with Kramer Levin, our practices and businesses in the U.S. will deliver 25% of the global firm\u2019s profits.\u201d<\/span><\/p>\n<\/blockquote>\n<\/div>\n

Realistically speaking, the firm\u2019s limited financial losses shouldn\u2019t have that much of an impact on the impending tie-up. HSF Kramer 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. As HSF\u2019s chair and senior partner, Rebecca Maslen-Stannage, previously noted, the merger would be \u201ctransformational\u201d for both firms. It seems unlikely at this point that either firm would walk away from the deal.\u00a0<\/p>\n

We look forward to welcoming HSF Kramer later this month, if everything goes according to plan. Best of luck to both firms as the voting process unfolds.<\/p>\n

HSF Accounts Show Operating Loss in America For 2024<\/a> [American Lawyer]<\/p>\n

\n
\"Staci
<\/figcaption><\/figure>\n

Staci Zaretsky<\/a>\u00a0is a senior editor at Above the Law, where she\u2019s worked since 2011. She\u2019d love to hear from you, so please feel free to email<\/a> her with any tips, questions, comments, or critiques. You can follow her on\u00a0Bluesky<\/a>,\u00a0X\/Twitter<\/a>, and\u00a0Threads<\/a>,\u00a0or connect with her on\u00a0LinkedIn<\/a>.<\/em><\/strong><\/p>\n<\/p>\n

The post Top Biglaw Firm Unveils U.S. Financial Losses Ahead Of Transatlantic Merger That Will Create A $2B Megafirm<\/a> appeared first on Above the Law<\/a>.<\/p>\n

\"\"
<\/figcaption><\/figure>\n

The highly anticipated transatlantic merger<\/a> between U.K.-based Herbert Smith Freehills \u2014 No. 34 on the Global 200 \u2014 and New York-based Kramer Levin Naftalis & Frankel \u2014 No. 141 on the Global 200 \u2014 will be voted on by partners this month, and if approved, the combination will go live in May.<\/p>\n

There\u2019s just one little problem: HSF recently suffered its second year in a row of operating losses here in the U.S. The American Lawyer<\/a> has the details:<\/p>\n

\n
\n

HSF\u2019s New York Limited Liability Partnership accounts, filed on the U.K.\u2019s Companies House, showed the firm made a loss of $5.9 million, compared with a loss of $5.3 million the previous year.<\/p>\n

Revenue for the New York LLP did marginally increase, however, from $48.8 to $50.8 million. \u2026<\/p>\n

A spokesperson for HSF commented: \u201cThe U.S. is a strategically important market in which we have invested heavily. Following our proposed combination with Kramer Levin, our practices and businesses in the U.S. will deliver 25% of the global firm\u2019s profits.\u201d<\/p>\n<\/blockquote>\n<\/div>\n

Realistically speaking, the firm\u2019s limited financial losses shouldn\u2019t have that much of an impact on the impending tie-up. HSF Kramer 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. As HSF\u2019s chair and senior partner, Rebecca Maslen-Stannage, previously noted, the merger would be \u201ctransformational\u201d for both firms. It seems unlikely at this point that either firm would walk away from the deal.\u00a0<\/p>\n

We look forward to welcoming HSF Kramer later this month, if everything goes according to plan. Best of luck to both firms as the voting process unfolds.<\/p>\n

HSF Accounts Show Operating Loss in America For 2024<\/a> [American Lawyer]<\/p>\n

\n
\"Staci
<\/figcaption><\/figure>\n

Staci Zaretsky<\/a>\u00a0is a senior editor at Above the Law, where she\u2019s worked since 2011. She\u2019d love to hear from you, so please feel free to email<\/a> her with any tips, questions, comments, or critiques. You can follow her on\u00a0Bluesky<\/a>,\u00a0X\/Twitter<\/a>, and\u00a0Threads<\/a>,\u00a0or connect with her on\u00a0LinkedIn<\/a>.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The highly anticipated transatlantic merger between U.K.-based Herbert Smith Freehills \u2014 No. 34 on the Global 200 \u2014 and New York-based Kramer Levin Naftalis & Frankel \u2014 No. 141 on the Global 200 \u2014 will be voted on by partners this month, and if approved, the combination will go live in May. There\u2019s just one […]<\/p>\n","protected":false},"author":3,"featured_media":107833,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-107832","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-above_the_law"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/xira.com\/p\/wp-content\/uploads\/2025\/02\/Staci-Zaretsky-0U1msJ.jpeg?fit=150%2C100&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/posts\/107832","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/comments?post=107832"}],"version-history":[{"count":0,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/posts\/107832\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/media\/107833"}],"wp:attachment":[{"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/media?parent=107832"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/categories?post=107832"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/xira.com\/p\/wp-json\/wp\/v2\/tags?post=107832"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}