Top-60 firms Wragge & Co and Lawrence Graham have confirmed they are in talks to form a £170m-plus practice.

In a statement, a spokeswoman for Wragge & Co said the duo are ‘exploring how clients might benefit from our two firms forming closer ties’.

The Gazette understands talks are in progress although the firms have not said when any further development is likely.

Wragge & Co posted £120.5m turnover in 2012/13, an annual increase of 2%, while Lawrence Graham had revenues of £51.8m, which amounted to a 7.5% fall year on year. Wragge’s latest reported profit per equity partner was £339,000 and that of LG £260,000.

A combined firm would boast around 628 lawyers, including 189 partners.

Wragge & Co senior partner Quentin Poole (pictured) added: ‘We have been open about our strategy and the fact that we are looking at opportunities to strengthen our ability to serve clients in strategic practice areas, sectors or locations, particularly in London.

‘Lawrence Graham has an excellent reputation, particularly for real estate, equity capital markets, investment funds and private capital, and a strong, collegiate culture.’

Wragge & Co is headquartered in the UK but has offices in Brussels, Dubai, Guangzhou, Munich and Paris.

Lawrence Graham was founded in London more than 280 years ago and has since established offices in Dubai, Monaco, Moscow and Singapore.