Hogan Lovells and Shearman & Sterling have called off merger talks that would have created a huge firm with more than 3,000 lawyers globally and revenue in the region of $3.6bn.
The firms had been in talks for several weeks about a potential all-share merger, but the talks broke down over the weekend after the two sides failed to agree on key terms.
The collapse of the merger talks is a blow to both firms, which had been hoping to create a global legal powerhouse to compete with the likes of Dentons, Kirkland & Ellis and White & Case.
Related: Hogan Lovells Antitrust Partner Jumps To Jones Day
It was in Germany that news of the merger talks with Hogan Lovells first surfaced, courtesy of a report in German legal news specialist Juve in December.
“Our firms have been in preliminary and exploratory conversations regarding a possible combination,” the two parties confirmed in their statement. “After careful consideration, we have mutually agreed that a combination at this time is not in the best interest of either firm. We have been deeply impressed with each other’s business, practices and people and wish each other continued success.”
