Writing from experience, William Gibson shares some merger lessons
It was 25 years ago this month (2 February 1987) that the first announcement was made of the impending merger which was to form the megalith known as Clifford Chance. In a recent survey by the Law Consultancy Network of small and medium sized firms, 33% expect to be involved in mergers in 2012. In today’s recessionary climate, mergers generally are becoming increasingly common, but a quarter of a century ago the announcement sent shock waves through the profession.
Insider knowledge
So, what was it like to be on the inside of such a game-changing event? At the time of the announcement I worked for Coward Chance, in the costs department based, along with most of the support staff, in St Alphage House near the Barbican. The firm’s main office was in Royex House in Aldermanbury Square.
On the morning of 2 February, a costs contact at Herbert Smith phoned our office and told us he had just heard that we were about
