KWM Europe future uncertain following bailout failure
King & Wood Mallesons’ failed bailout deal to salvage its EUME arm, partners and staff alike are in a state of uncertainty about the firm’s future.
The proposed deal required EUME partners to put forth a combined £8m in capital in order to secure £6m in funding from the firm’s Chinese and Australian partnerships. Additionally, the bailout required partners to agree to a 12-month lock-in. However, the deal failed to materialize, following a vote in which less than 20% of EUME partners agreed to the terms of the deal.
The firm is now looking at other options, such as a merger, to salvage the EUME arm.