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Tuesday, 14 April 2026

Compiled with AI from public news sources. Folio is editorial commentary for commercial-awareness practice, not legal advice. Verify any detail against the linked sources before relying on it professionally.

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Top Story/M&A

Ashurst and Perkins Coie partners vote overwhelmingly to approve transatlantic merger creating a $2.8bn, 3,000-lawyer firm

Partners at Ashurst and Perkins Coie have voted to combine the two firms in a transatlantic merger that will create a combined entity with revenues of $2.8 billion and approximately 3,000 lawyers, with the tie-up expected to complete by the third quarter of 2026. Leadership at both firms described the vote as 'overwhelming' in favour of the combination. The merger will bring Seattle-born Perkins Coie — a firm with deep US tech and litigation practices — a meaningful UK foothold, while Ashurst gains a significant American platform through Perkins Coie's Seattle headquarters and North American network, deepening its technology and litigation reach in the US. The combined firm will rank among the top tier of global law firms by headcount and revenue. The deal reflects a sustained wave of transatlantic law firm consolidation, as mid-to-large firms seek the scale necessary to compete for cross-border mandates against the elite Magic Circle and lockstep US firms. For Ashurst in particular, a strong US platform has been a strategic gap; Perkins Coie's Pacific Northwest tech and government practice adds a differentiated profile beyond the typical New York financial sector entry. The completion timetable — Q3 2026 — means integration work, including partnership agreements, regulatory filings with the Solicitors Regulation Authority (SRA), and branding decisions, is already underway.

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Banking & Finance

Blue Owl's OBDC raises $400m in investment-grade bond issuance, marking the first BDC public debt deal in over a month as private credit markets reopen

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AI & Law

Simmons & Simmons launches its first AI law internship cohort of eight students, embedding technical and legal AI training in a structured programme

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Simmons & Simmons

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Bigger Picture

Sector Watch

Transatlantic Law Firm Consolidation

The Ashurst-Perkins Coie partner vote cements a $2.8bn transatlantic merger completing by Q3 2026, continuing the wave of consolidation triggered by A&O Shearman and the aggressive London expansion of elite US firms. Mid-tier firms without a credible dual-jurisdiction platform are increasingly losing cross-border M&A, disputes, and regulatory mandates to full-service global competitors. The integration pressure is creating its own legal market — partnership restructuring, SRA authorisation, and conflicts clearance work is landing at the very firms advising on similar deals for clients. Watch whether Herbert Smith Freehills, Hogan Lovells, or other large-but-not-elite transatlantic firms face similar strategic pressure to announce combinations before year-end.

One to Follow

The CMA's Phase 1 review of the Paramount Skydance / Warner Bros. Discovery $110bn merger, with the public consultation period now open and a potential Phase 2 referral on the horizon.

The CMA's independent assessment of a deal of this scale — already cleared or under review in the US and EU — will test whether the UK regulator is prepared to diverge again on a global media transaction, directly affecting competition lawyers advising the parties on parallel multi-jurisdictional clearance strategies. A Phase 2 referral would generate 24 weeks of intensive remedies work and set a significant precedent for how the CMA treats horizontal combinations in streaming and content markets.

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