BLP and Greenberg Traurig dream big
Berwin Leighton Paisner’s merger talks with Greenberg Traurig are drawing nearer to a conclusion, and the firm is reportedly seeking to undertake a full financial integration, a significant challenge for two firms based on opposite sides of the Atlantic.
Greenberg Traurig is a giant based out of Miami and has 39 offices around the world. The firm is a real estate heavy weight, with more than 300 property lawyers around the world.
BLP’s business is also heavily focused on real estate, earning 30 percent of its revenues through the named practice. BLP, however, is highly concentrated in London, with 75 percent of its lawyers based there.
The two firms have different accounting methods, with Greenberg Traurig using a cash based accounting method, common to firms in the US, while BLP uses an accrual accounting method. Unifying the accounting from two varying methods is alone a significant challenge.
If terms of a merger are agreed upon, 75 percent of the partnership at BLP must approve the merger before it can proceed.