Allen & Overy, a London-founded law firm, and Shearman & Sterling, its New York-founded counterpart, have announced that partners at both firms will soon have the chance to vote on a proposed merger between the two.
The firms said Monday that the partnership vote will begin on Sept. 28th and it must be approved by 75% of each firm’s partnership in order for the merger to be approved. If approved, the merger would create a single law firm with more than 3,900 lawyers and nearly 50 offices around the world, reported Reuters.
At the time of the initial announcement in May, the firms said that the combined firm, to be named Allen Overy Shearman Sterling, would bring in an estimated global revenue of $3.4 billion. On Monday, the firms said that they have completed financial and operational due diligence, filed antitrust clearance requests, and received approval regarding necessary retirement and pension program changes.
Read more: Allen & Overy, Shearman Plan $3.4B Merger
Both Wim Dejonghe, senior partner at Allen & Overy, and Adam Hakki, senior partner at Shearman, have released positive statements about the deal’s progress. Dejonghe stated, “The deal is making good progress and clients are responding well,” while Hakki echoed this sentiment that, “The deal is making good progress and clients are responding well.”
The firms said that they will announce the results of the partnership vote shortly after the end of the voting period. If approved, the merger will be groundbreaking in legal circles, creating a law firm spanning multiple continents and bringing together two well-established firms.
In other news, Gareth Price, the managing partner at Allen & Overy, resigned from the firm in July for what was cited as “personal reasons.” Khalid Garousha, who currently serves as managing partner of Allen & Overy’s Middle East and Turkey region, will act as the interim managing partner for the entirety of the firm until April.