From the official announcement:
Thomson Geer will acquire the last remaining independent mid-market banking and finance focussed law firm, Kemp Strang.
This follows Gadens Sydney, Henry Davis York and Dibbs Barker all recently ceasing to operate independently.
Under the deal TG will:
- acquire all of the assets of Kemp Strang;
- retain 13 of Kemp Strang’s current 16 Partners; and
- hire the majority of Kemp Strang’s professional and support staff (74 people in total).
The acquisition will:
- increase Thomson Geer’s total Partner and staff number by 19% to 550;
- expand the Thomson Geer partnership from 98 to 110; and
- solidify Thomson Geer as the country’s 5th largest independent law firm, and 10th largest law firm overall, by number of Partners.
Thomson Geer’s investment is driven by two factors:
- a commitment to building its finance capability to complement its transactional strengths in Corporate, Property and Projects; and
- a desire to expand its insolvency, restructuring and recoveries service offering to cover off any cyclical shifts in the Australian economy.
Thomson Geer’s Chief Executive Partner, Adrian Tembel, summed it up like this, “This is a very carefully crafted consolidation move by Thomson Geer and Kemp Strang. It will preserve Kemp Strang’s strengths in the banking and finance space and provide our mutual clients with deeper and broader solutions at Thomson Geer”.
Kemp Strang’s Executive Chairman Michael Joseph agreed, “After 43 successful years as an independent banking and finance focussed firm, it is now time for Kemp Strang to evolve as part of a larger more diverse Australian law firm”.
The deal is scheduled to go live on 29 October 2018.