Olswang seeking potential merger with larger firms
Olswang is considering plans to merge with some firms that outsize it. A merger has been the subject of speculation surrounding the firm for more than a year now, after former CEO David Stewart abruptly left the firm in the middle of his second three-year term. Most of his management team subsequently left the firm as well.
Now it appears that Olswang has discussed potential mergers with several firms, including widely recognized Bird & Bird and Simmons & Simmons. Apparently, Olswang chief executive Paul Stevens went so far as to outline some plans at the firm’s partnership conference in January.
Were Olswang to combine with Bird & Bird, the resulting firm would be primed to generate £385m in revenue from 30 offices with about 1,500 lawyers across the globe. On the other hand, if the firm were consigned to Simmons & Simmons, the new firm would generate £416m each year in revenue with 1,000 lawyers in the UK, Europe, Asia and the Middle East.
Olswang’s contribution in those scenarios would be roughly its £126.7m it generated in the recent financial year, a gain of 7.7 percent from the year prior.