Leading international maritime law firm, Ince & Co, has been purchased by Gordon Dadds Group for around $34m (approx HK$265m).
In a message to clients, Peter Rogan, the chairman of the board of Ince & Co, which has had a significant presence in Hong Kong for more than 30 years, said:
“The members of Ince & Co International LLP have approved the terms of a merger with Gordon Dadds LLP to form a top 40 UK legal firm, Ince Gordon Dadds LLP.
“This is a momentous time for us and I want to take the opportunity to give you a brief update about what the announcement means.
“This cutting-edge merger, which recognises the strength of the Ince & Co brand around the world, brings together two complementary businesses with access to new capital. Such investment gives us the ability to grow our platform significantly and further enhance the high quality legal services for which we are renowned. Ince Gordon Dadds will also provide other professional services under one roof and will enable us to be at the forefront of developments in the legal sector.
“Your relationship team will remain unchanged and we look forward to working with you in the future under the Ince Gordon Dadds name.”
According to Legal Business the new firm, named Ince Gordon Dadds, will leapfrog into the UK top 40 legal firms with revenue in excess of £110m, with 100 partners across offices in nine countries.
Gordon Dadds managing partner and chief executive Adrian Biles will lead the new firm with support from Ince’s chairman, Peter Rogan. It will be headquartered in Ince’s Aldgate Tower offices in London. The transaction is expected to be completed by the end of this year.
Upon completion of the deal, Ince partners will each receive a minimum guaranteed amount in the first year based on budgeted turnover. Gordon Dadds will also settle the £9.1m capital and current account balances due to Ince partners, bringing the total value of the deal to more than £43m.