ONE of Scotland’s largest legal companies, Maclay Murray & Spens, is to merge with Dentons, the world’s largest law firm.
The companies say there are no plans for redundancies in the merger which will give Dentons access to the Scottish market – particularly the lucrative oil and gas sector – and see the Maclay Murray & Spens name disappear after 146 years.
The firm was the first in Scotland to concentrate on the commercial market and it has been a leading practice in this field ever since.
With around 400 employees at its Glasgow headquarters and offices Aberdeen, Edinburgh and London, Maclay Murray & Spens (MMS) posted annual revenues of £44.3 million in its last financial figures, earning £243,000 profit for its partners. Its most recent major activity was to advise on the £3.8m merger between Standard Life and Aberdeen Asset Management.
Dentons has around 8000 lawyers practising in 60 countries. Maclay Murray & Spens had been trying for a merger for many months in order to link up with this global network.
It is understood all of the Scottish firm’s partners have already approved the merger, and Dentons UK and Middle East partnership has also backed the move which will be rubber-stamped by Dentons’ global partnership.
While being seen as a takeover in some quarters, both firms were anxious to talk up the deal as a merger – or “combination”.
They said in a statement: “The combination, which is expected to complete later in 2017 following approval by the partnerships of both firms, will offer clients the services of around 800 fee earners in the UK, including 200 partners, operating from offices in Aberdeen, Edinburgh, Glasgow, London, Milton Keynes and Watford.”
Maclay Murray & Spens chief executive Kenneth Shand said: “Joining forces with the world’s largest law firm is tremendously exciting for us. With offices across the Americas, Europe, Africa and Asia-Pacific, Dentons will unquestionably be the only significant player in Scotland which is a genuinely global firm. We will have a unique ability to offer Scottish businesses with international ambitions access to the largest array of legal talent in the world, and international firms with an interest in Scotland, the resources of one of the world’s most innovative and forward-thinking law firms.”
Dentons’ global chief executive Elliott Portnoy said: “This combination will significantly enhance our scale and capabilities in the UK. Combining with strong, independent and well-established firms is central to Dentons’ ‘in and of the community’ ethos, and with its rich history in the Scottish market Maclay Murray & Spens fits very much into this category.
“Coming soon after our recent combinations with equally high-quality firms in Latin America and the Netherlands, this development accelerates Dentons’ momentum.
Jeremy Cohen, CEO for Dentons’ UK and Middle East region added: “Maclay Murray & Spens is a Scottish leader in some of our strongest practices and sectors including financial services, energy, transport and infrastructure, and real estate. By combining, we will also significantly increase our out-of-London capability.”
Dentons’ global chairman Joe Andrew said: “Our vision is to offer clients the ‘law firm of the future’ now. By enhancing our ability to serve national and multi-national clients in the UK, the world’s second largest legal market, and continuing to innovate in client service delivery, Dentons continues to set the pace in the global legal market.”
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