The Gordon Dadds Group first approached shipping specialist Ince & Co in June about a takeover that will create the UK’s largest listed law firm, with annual revenue of £110m ($141m).
The two partners are now plotting the expansion of the merged firm under its new name, Ince Gordon Dadds LLP.
The £43m takeover, which sees Gordon Dadds enter the shipping law scene through its combination with one of the sector’s traditionally strong firms, was announced this week.
Gordon Dadds had been expanding through acquisition and had opened up in Hong Kong, where it saw Ince’s global network as an opportunity to grow internationally.
That led to a phone call in June to Ince international senior partner Jan Heuvels, who was stationed in Hong Kong at the time.
‘Iconic brand’
Adrian Biles, chief executive of London-listed Gordon Dadds, said: “We had opened an office in Hong Kong and we were attracted by Ince’s global footprint in the Middle East and Asia, as well as its iconic brand. The two firms’ areas of practice also did not compete.”
Heuvels had been looking for a suitor for Ince among the traditional London shipping law firms and had reportedly spoken to several merger candidates.
Although Heuvels resigned shortly after the approach from Gordon Dadds, the word from Ince is that he has been supportive of the deal.
Ince chairman Peter Rogan said the acquisition was attractive because it presented Ince with a “new model” for raising capital.
He said the traditional method of raising capital among law firms through partners is “quite restrictive”, and he is excited about the possibility of raising funds through Gordon Dadds’ UK listing.
The 150-year-old Ince wants to use fresh capital to grow in geographical and practice areas, Rogan said, although he declined to offer any details at this stage.
The new firm, employing 100 partners and running offices in nine countries, will be led by Biles, supported by Rogan. It will be headquartered in Aldgate Tower in London, the home of Ince & Co.
Ince has seen several staff departures over recent weeks, most notably marine insurance specialist senior partner Joe O’Keeffe, who moved to London rival Stephenson Harwood.
Rogan said Ince would be looking to take on more lawyers who were ambitious to expand with the group.
He admitted that the speculation over the firm’s future had generated some “negative publicity”, but insisted that Ince is now more attractive to potential employees following the tie-up with Gordon Dadds. “We are uniquely placed in the UK for the future,” he added.
Biles did not rule out the possibility of future acquisitions, but insisted the priority is to “make this merger work first”.
