One of Scotland’s biggest firms is set to disappear after London-based CMS Cameron McKenna completed a takeover of Dundas & Wilson.
The Scottish practice, once considered part of the country’s own ‘magic circle’, will join CMS from 1 May next year to create a firm with revenues of more than £750m.
With the addition of Dundas & Wilson, CMS will have more than 830 partners and 5,600 employees operating in 57 offices in 31 countries across the world.
CMS already has bases in Edinburgh and Aberdeen and will add a further office in Glasgow as a result of the takeover.
The deal was approved in a vote by partners and comes with the backing of clients from both firms. It is understood the Dundas & Wilson name will be retained during the handover period but will eventually be phased out altogether.
Duncan Weston, managing partner for CMS in London, said: ‘Dundas & Wilson is the most prestigious law firm in Scotland and we are delighted that they are joining CMS. With Dundas & Wilson, we believe we can offer many of our clients, particularly in the energy and financial institution sectors, a stronger and better service.’
Dundas & Wilson has been linked with a merger for several months and the search for a buyer may well have accelerated after disappointing financial results for 2013.
According to LLP accounts, compared to 2012 turnover fell from £21m to £18.5m, with operating profit tumbling from £5.8m to £4.5m.