US firm emerges as primary Eversheds merger candidate
Foley & Lardner appears to be the first choice as a merger target for Eversheds. Eversheds has been exploring options for a merger to expand to the United States for some time, but last June the partnership at the firm overwhelmingly voted to support such a move. Since that time, the executive leadership of the firm has been putting more energy into expediting the process. The result is discussions have been narrowed down to two firms.
From those two firms, it appears that Foley & Lardner, a Global 100 firm that is based in Milwaukee, is the preferred match. If a decision is made to proceed, the idea will be put before the partnership. From there, a due diligence process, which should last several months, will ensue.
The match is being assessed from various perspectives including the culture at the firm, the scope of its offering being full and that it has a New York presence. Additionally, the strength of the firm's corporate team will be given greater importance than other practices.
Foley & Lardner had revenues of $665m in the most recent financial year. It has 17 offices throughout North America, including in major US cities such as New York, San Francisco, Silicon Valley and Washington, D.C. Internationally, the firm has a presence in Brussels, Shanghai and Tokyo.
Eversheds' revenues in the latest financial year stood at £380.7m.