A tie-up between Top 25 UK firm Addleshaw and Maclay, one of Scotland's largest independent firms, would have created a national practice with revenues around £230m and would have delivered Addleshaw a presence in 11 locations including London, Manchester, Aberdeen, Edinburgh and Hong Kong. A merger would have also helped buoy Addleshaw towards its fee income target of £250m, which it hopes to achieve by 2017/18. However, Maclay has confirmed this week that while the Scottish firm remains open to the possibility of a merger, it is not presently involved in any ongoing tie-up discussions with any firm. The statement comes several months after it was reported in November that Addleshaw and Maclay where negotiating the possibility of merging their practices. The takeover by Addleshaw was reportedly slated for May this year, though it is understood that neither firm ever escalated discussions to a partnership vote.

Last firm standing

Maclay remains one of the last major independent firms standing in Scotland following an onslaught of takeover activity in the area over the last five years. Dundas & Wilson teamed up with CMS in 2014, while fellow Scottish independent Simpson Marwick was taken over by Clyde & Co last year. However, a spokesperson for Maclay has not sealed off the possibility of a future tie-up. 'We are resolutely committed to growing the firm, organically; through lateral hires; strategic acquisitions; or mergers,' said the spokesperson. Sources: Legal Business; The Lawyer