William Fry, one of the largest corporate law firms in the State, has walked away from merger talks with senior representatives from the Irish affiliate of UK-based Eversheds Sutherland.
Staff in both firms were informed of the development on Thursday afternoon, a little over five months after the discussions first emerged. It is understood that both sides failed to agree on commercial terms after William Fry carried out due diligence on the planned deal.
“After careful consideration, we have agreed that the interests of our respective firms are best served by remaining separate and accordingly both firms will instead focus on their individual strategic growth priorities,” the parties both said in separately issued statements.
The move comes less than a month after William Fry’s managing partner, Stephen Keogh, was quoted as saying in an interview of the “complimentary mindset” of both firms and that the Eversheds team “will hopefully be joining us someday soon”.
The breakdown of the talks raises questions over the continuation of the Eversheds brand name over the practice, which is led by managing partner Alan Connell.
Speculation has been rife in the industry in recent months that Eversheds partner Pamela O’Neill, who has been on leave since handing in her notice in March, is preparing to lead a new practice under the Eversheds banner in Ireland. She is said to have lined up a number of colleagues to join her.
The international network of Eversheds oversees 68 offices that act as independent legal practices.
William Fry had 216 practising solicitor certificates at the end of last year, making it the sixth largest law firm in the State, according to the Law Society. It employs about 500 people. It has been led since the start of November by Mr Keogh and is chaired by Liam McCabe.
Eversheds Dublin had 107 practising solicitor certificates at the end of last year, placing it in 12th position among firms in the Republic. It has about 290 staff.
The tie-up talks occurred against the backdrop of consolidation elsewhere in the sector in recent times.
ByrneWallace, the number eight player in the Republic by solicitor certificates as of the end of 2023, completed a merger in January with smaller peer LK Shields, to create a firm with 430 employees, including 220 solicitors. The combined firm is known as Byrne Wallace Shields.
Flynn O’Driscoll merged with fellow commercial law firm Vincent & Beatty in January, in a transaction that took their combined total headcount to 140.
