London law firm Clyde & Co is in talks to merger with insurance firm BLM, which would crease a firm with revenues of close to £750m and further strengthen its already strong insurance law position in the global legal scene.
Clyde & Co has a principal focus on insurance law with around 4000 staff over its 50 global offices. BLM has around 800 lawyers and the merger vote is due, which a BLM spokesman said would see the combination produce an “extremely strong presence” in the insurance sector.
The merger has been mooted for the past three years after Clyde & Co, which will retain the name according to reports, first approached BLM with the merger proposal. BLM had been squeezed in its market position and sees the deal as one that will permit its role in an even stronger Clyde & Co merger.
The new firm would see around 450 equity partners in the new partnership.
“We have long sought to significantly increase the scale of our casualty insurance practice in the UK so that we can provide the full scope of services, technology, data analytics and innovation that clients in this dynamic part of the insurance market require,” a Clyde & Co spokesman said.