The Scoop
Linklaters approached Cleary Gottlieb about a merger earlier this year and was rebuffed, in what would have been the latest tie-up of white-shoe law firms, according to people familiar with the matter.
Linklaters has more than 3,000 lawyers globally. Cleary is smaller, with about 1,300 attorneys. But Cleary is far more profitable than Linklaters is, with profit per equity partner of more than $5 million last year. There has been a wave of consolidation among top-flight law firms, even as their scaled models face imminent pressure and upheaval from AI.
The face of law has changed dramatically over the last decade: A fifth of 2015’s top 100 global law firms by revenue have merged with each other or announced their intention to. A drive for international reach, top lawyers’ soaring salaries, and the need to invest in AI systems are pushing firms to chase scale and cut costs. A Linklaters spokesperson denied that it had made an approach to Cleary. A Cleary spokesperson said the firm was focused on a “strategically aggressive growth strategy.”
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Linklaters is the latest of the UK’s elite law firms — a club known as the “Magic Circle” — to attempt a transatlantic merger. Allen & Overy merged with Shearman & Sterling in 2024, and Herbert Smith Freehills merged with Kramer Levin last year.
There is intense competition among these firms for talent, and any merger presents opportunities for rival firms to pick off hires. McDermott Will & Emery merged with Schulte, Roth, & Zabel earlier this year; Philadelphia-based Dechert promptly mounted a 20-partner raid across multiple practices.
“In addition to seeing impressive year-over-year revenue growth and expansion in key markets and practices, since the beginning of 2026 alone, Cleary has made 11 impressive lateral partner hires in key industries such as capital markets, private equity, and funds,” the Cleary spokesperson said.