Business of Law Firms
Milbank acquires Dickson Minto's London office​

By Jake Rickman​

What do you need to know this week?

Welcome to the 24th article in TCLA’s series the Business of Law Firms.

At the end of December, American firm Milbank announced it was acquiring the Anglo-Scottish firm Dickson Minto’s London office. The London office is relatively small, with only seven partners and a host of associates.

There had been rumours that Dickson Minto has been pursuing a merger since at least the summer, having been in talks with American firm Fried Frank for a deal of some sort.

According to Legal Business, Dickson Minto’s headquarters in Edinburgh will remain independent, with the London team joining Milbank’s forces in 2023.

Milbank, which currently boasts the world’s 40th largest practice in terms of revenue, currently has 33 partners in London and is known for its banking and capital markets specialities, especially in London.

Dickson Minto is something of a boutique firm with expertise in Scottish corporate and private equity transactions, as well as around the UK more generally.

Why is this important for your interviews?

The Milbank-Dickson Minto deal could comprise a case study in UK law firm mergers. Understanding the dynamics at play may help you answer a common interview question that asks applicants how a law firm might expand its business.

Back in October, we covered an article put forward by The Lawyer that predicted that in response to increasing economic headwinds, certain law firms would pursue strategic asset disposals in a bid to raise cash and increase profitability. On the face of it, it appears that Dickson Minto’s decision to sell its London office is a move in this vein. While Dickson Minto does not disclose much of its financial performance, it presumably saw value in selling its London practice.

For Milbank, the business case likely comes down to the fact that it is trying to bulk out its UK presence. By acquiring Dickson Minto’s London operation, it benefits from the “plug-and-play” feature of having an in-place team with an expertise in corporate M&A it can combine with its finance offerings.

There are no further details on the specifics of the arrangement, such as how it is structured and if Milbank and Dickson Minto will enter into any formal or informal relationship arrangements.