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London and Sydney-based global law firm Herbert Smith Freehills will join forces with the US-based Kramer Levin, to create what they say will be one of the top 20 law firms in the world.

In a statement, the firms said the combined entity, to be known as Herbert Smith Freehills Kramer, would have more than US$2 billion in combined revenues “from day one”. 

It will have more than 2,700 lawyers, including about 640 partners, operating in 25 offices. 

The statement noted Herbert Smith Freehills’ strength and scale across Asia, Australia, Europe, the Middle East and Africa and the United Kingdom, as well as Kramer Levin’s performance in New York, Washington D.C. and Silicon Valley. 

The combined firm plans to accelerate growth in the US in areas such as energy, financial services, infrastructure, mining and technology, where Herbert Smith Freehills has leading practices. 

Other areas have been identified for the next phase of growth, including private capital, mergers and acquisitions, restructuring, securitisation, real estate, white collar corporate crime and investigations, class actions, intellectual property and arbitration. 

Chair and Senior Partner of Herbert Smith Freehills Rebecca Maslen-Stannage has described the merger as transformational. 

“We have long been committed to expanding our offering in the US and Kramer Levin is the perfect fit,” she says. 

Herbert Smith Freehills Global CEO Justin D’Agostino says the merger is a chance to build an international firm based on strong cultures and existing areas of strength. 

“This is an excellent long-term, strategic move for our firms, our clients and our people,” he says. 

Co-managing Partner of Kramer Levin Howard T. Spilko has described the move as a “one-of-a-kind opportunity”. 

“The combination provides us with a significant competitive advantage by bolstering our destination practices with a deeper bench, broader geographic reach and sector expertise, while providing the opportunity to collaborate to achieve great outcomes for clients internationally,” he says. 

The combined firm will be known as Herbert Smith Freehills Kramer globally and HSF Kramer in the United States. 

The move is subject to conditions, including a vote of partners.