Masons considers series of deals with foreign firms

JOINT VENTURE: City and US firms target construction projects

City-based Masons may sign up to more sector-specific joint ventures with foreign law firms after it unveiled an innovative deal with US practice Thelen Reid & Priest - the first of its kind in the City.

Six partners each from the construction and projects departments of Masons and 400-lawyer strong US bi-coastal firm Thelen Reid will join the London-based limited liability partnership joint venture, called MTR.

The aim is to target projects around the world.

Vincent Rowan and Steve O'Neal, partners from the UK and US firms respectively, will act as joint managing partners.

Staff from both firms will be seconded for specific deals to MTR - which will have a total pool of 900 lawyers in both firms to choose from - and fees earned by them will then be commuted back to their firms.

Masons' managing partner, Andrew Hibbert, said he 'wouldn't rule out further joint ventures', along these lines, although he said there were no plans for more at the moment.

He said: 'Each of the firms is not able to present itself to the market place as effectively alone as they can together.' He denied that the firms were looking at merger in the long term, saying: 'Most US/UK mergers are done because UK firms want access to the US market and vice versa.

But that is not the case here, where we both want to market ourselves all over the world.'

Meanwhile, Mr Hibbert said Masons will assess financial and other 'convergence criteria' over the next two years before a final decision is taken on whether to merge with its Spanish associate firm, Madrid-based Masons Buxeda Menchen.

Jeremy Fleming