Clifford Chance has become the second of London's 'magic circle' law firms to move into the Australian market, today announcing mergers with Perth's Cochrane Lishman Carson Luscombe and Sydney's Chang, Pistilli & Simmons.
Clifford Chance has become the second of London's 'magic circle' law firms to move into the Australian market, today announcing mergers with Perth's Cochrane Lishman Carson Luscombe and Sydney's Chang, Pistilli & Simmons.
Its move follows the entry 12 months ago of Allen & Overy, whch poached 14 Clayton Utz partners, including three in Perth, to establish its Australian presence.
The entry of Clifford Chance has long been rumoured, with speculation in previous years that it was seeking to merge with Mallesons Stephen Jaques before the focus turned to boutique corporate firms Chang Pistilli and Cochrane Lishman.
The merger caps the rapid emergence of Cochrane Lishman, which was established in 2006 by highly regarded Mallesons partners Ian Cochrane and Michael Lishman.
They bolstered their ranks last year with the recruitment of another Mallesons partner, Ben Luscome, and Blake Dawson partner, Jon Carson.
Clifford Chance will have 14 partners in Australia, drawn equally from the Sydney and Perth firms.
It said the mergers, to take effect from 1 May, are among the first steps in its Asian growth strategy.
"Any credible growth strategy for the Asian legal market can no longer ignore the importance of the Australian market to the region, both as a destination for, and a source of, investment," said Peter Charlton, Clifford Chance's Head of Asia.
"I'm pleased that in CP&S and CLCL we have found such a good solution for our clients, and I'm looking forward to welcoming the partners and staff of both firms to Clifford Chance."
Allen & Overy's Perth office is headed by Geoff Simpson, who along with Peter Wilkes and Merdith Campion left Clayton Utz at the start of last year.
They later bolstered their ranks by recruiting leading energy and resources lawyer Angus Jones from Allens Arthur Robinson.
A third London-based firm, Norton Rose, has also moved into the Australian market in the past year, through a merger with Deacons.
The Clifford Chance statement is pasted below:
Clifford Chance announces ambitious Asia growth plans
Establishes significant presence in Australia
Sydney/Perth/Hong Kong/London: Leading international law firm, Clifford Chance has today announced mergers with Australia's two leading boutique law firms, Chang, Pistilli & Simmons (CP&S) in Sydney and Cochrane Lishman Carson Luscombe (CLCL) in Perth.
The mergers are among the first steps in the delivery of an ambitious growth strategy for Asia, with plans to double regional revenues for the Firm through investment in new offices, talent and practices.
The new Australian operation will be known as Clifford Chance, and CP&S and CLCL's partners and lawyers will be fully integrated within the international firm, creating an immediate 14-partner capacity for Clifford Chance in Sydney and Perth.
The mergers, which have been approved by the Clifford Chance partnership, will take effect from 1 May 2011, although all three firms are already working closely on client projects.
"The importance of Asia to the global economy and to our major clients has already resulted in substantial growth for our market-leading Asia operations," said Peter Charlton, Clifford Chance's Head of Asia.
"Any credible growth strategy for the Asian legal market can no longer ignore the importance of the Australian market to the region, both as a destination for, and a source of, investment. I'm pleased that in CP&S and CLCL we have found such a good solution for our clients, and I'm looking forward to welcoming the partners and staff of both firms to Clifford Chance."
Mark Pistilli, Managing Partner of CP&S said, "This merger will create a seamless, quality service for Clifford Chance's global clients with interests in Australia, while providing CP&S' Australian clients with access to a world-class global legal network. The merger will build on CP&S' existing success while giving our well-respected partners and lawyers exposure to global clients and top-tier international work through Clifford Chance's offices. We have known the CLCL partners in Perth for many years and have the highest regard for them. We look forward to working together to support our clients' requirements on the ground both in Sydney and in Perth."
Ian Cochrane, CLCL senior partner said, "Western Australia is of interest to any professional services provider, given its strong business growth, especially in energy and resources. By bringing together our firms' established reputations in that sector, we can provide a truly global service to Australian inbound and outbound investors in energy and resources."
Clifford Chance's new Asia strategy builds on the Firm's existing reputation in key Asian markets, with the aim to double revenues in four years. "With over 30 years' experience in the region, the Firm has a strong foundation on which to build an enhanced network, capable of servicing the growth in business out of and into Asia," said Peter. "We'll be investing in people, places and new client relationships to ensure we can support the region's growth with quality talent that truly understands Asia business."
The Firm's plans for expansion in Asia are reflected in similarly ambitious strategies for other key growth markets. David Childs, Clifford Chance's Managing Partner, said, "Our ability to respond to the internationalisation of the corporate world, and that of our clients' businesses, has underpinned Clifford Chance's strategy and success over the past 30 years. As globalisation enters a new phase, the balance of economic power - and our clients' attention - is shifting to Asia, the Middle East, Africa and Latin America. In many of these markets, Clifford Chance is already known and widely respected. However, we need to continue to evolve our business to reflect these bigger changes, as witnessed by this important move in Australia."
"Already this year, we have announced plans for new offices in Qatar and Turkey as well as a number of key strategic lateral hires, for example in China. We expect to see this investment gather pace over the coming year, with further announcements of plans to support our strategy.
Clifford Chance has 29 offices in 20 countries with some 3,200 legal advisers. It operates across Asia, with offices in Bangkok, Beijing, Hong Kong, Shanghai, Singapore and Tokyo and has 350 lawyers in the region.
