The potential Addleshaw Goddard and Maclay Murray & Spens merger has been dropped after a spokesman from Maclay said that they are not in talks for any collaboration as of the moment. If pushed through, analysts suggest that the merger would have caused turnout of more than £200 million.
A spokesperson from Maclay Murray & Spens slammed reports that a merger between the company and Addleshaw is underway. As reported by Scottish Legal News, the merger was previously set to be finalized in May 1 this year.
Maclay spokesperson stated that they are committed to growing the firm but denied that they are having a deal with Addleshaw. "MMS keeps in touch with other firms on an ongoing basis and sometimes such discussions encompass the possibility of collaboration of some kind. I can confirm that we're not in any such ongoing discussions with any firm at the moment.", the spokesperson for Maclay stated.
If the merger was pushed through it would have generated £236 million turnover. According to The Lawyer, the merger could also have made it possible for Addleshaw to establish branches in Scotland specifically in Aberdeen, Edinburgh and Glasgow.
According to Legal Business, the merger would have made it easier for Addleshaw to raise their income especially with their goal of reaching fee income of £250m by 2017/2018. Maclay Murray & Spens is currently one of the largest firms in the United Kingdom after some of its larger competitors were overtaken by big companies.
Addleshaw's turnout for the year 2014/15 showed growth of 12% from £171m in 2013/14 to £193m. Their Profits per equity partner also rose to £491,000. On the other hand, Maclay declared £43.5m in revenues in the previous year, and a 10% increase in their Profits per equity partner of £283,000. Addleshaw Goddard has not released their side on the matter.
