Perkins Coie to Merge With Ashurst in Latest Big Law Tie-Up (2)

London’s Ashurst, which has long sought entry into the US legal market, has found a path to do so through a merger with Seattle-founded Perkins Coie.

The deal, announced Monday, is expected to launch the combined firm into the world’s 20 largest by gross revenue, at $2.7 billion. Ashurst CEO Paul Jenkins and Perkins Coie managing partner Bill Malley will lead the combined firm called Ashurst Perkins Coie as global co-CEOs when the deal closes next year.

“Our ambition for many years has been to grow in the US with the right partner: a firm with deep, trusted expertise that complements our own,” Jenkins said in a statement. “We have now found that partner.”

The merger is the latest in a string of transatlantic tie-ups, including last year’s combination of the UK’s Allen & Overy and Manhattan’s Shearman & Sterling. Herbert Smith Freehills and Kramer Levin merged June 1 to create HSF Kramer.

Ashurst has been seeking a critical mass of lawyers in the US while Perkins’ international presence was “modest,” said law firm consultant Kent Zimmermann, a principal at Zeughauser Group.

“Ashurst—although they had a high-quality practice in the US of around 100 lawyers—all of the sudden has a national practice here of over $1 billion in revenue,” Zimmermann said. “That gives them depth of quality to service industries that Ashurst already services globally.”

For Perkins Coie, the merger offers stability after a tumultuous stretch during which it was targeted with an executive order by President Donald Trump. The firm in March challenged the order, saying it brought a loss in clients and business and prompted worried inquiries from customers.

Trump had targeted Perkins Coie because of former partner Marc Elias’s ties to Washington research firm Fusion GPS, a central player behind the so-called Steele dossier that alleged the president’s campaign coordinated with Russian government officials.

A judge on May 2 ruled the executive order was unconstitutional, as it limited lawyers’ access to federal buildings, revoked their security clearances and threatened clients’ government contracts. The Trump administration is appealing that ruling, as well as decisions striking down similar directives against three other firms.

Merger Talks

The firms began discussing the merger in early 2025 and expect to finalize the combination in the third quarter of 2026, according to a newly launched website announcing the arrangement. Firm leaders plan to secure partner votes at each firm by the spring of next year.

The core strengths of the combined platform will be energy, technology and financial services, they said. Both firms have clients in all three sectors, but their strengths complement each other, Malley said.

Perkins has the deeper bench of tech lawyers, while Ashurst brings international recognition for its work with financial services and energy practices, he said. “Because of the fact that we have a distinct geographic presence, we thought from a firm combination standpoint, we’d be able to work through major client conflicts and capitalize on strength,” Malley said.

The combination also makes sense because of a “convergence” among sectors the firms focus on, he said. “AI is transforming the economy and creating massive demand for energy and infrastructure,” Malley said. “The other is the convergence between tech and financial services sectors as financial services become more data driven.”

Ashurst’s Jenkins said the merger was driven by the firm’s need for “deep capabilities” in the US. “We needed significant growth, as opposed to incremental growth,” he said. “Given the needs of our clients, we thought the rationale was there for a combination to get the strength they need in the US markets.”

Ashurst’s Work

Ashurst is known for its mining and infrastructure industry work. The firm said earlier this year that six key industries account for more than 85% of its revenue—energy and resources; disputes, investigations and advisory; projects and energy transition; corporate; finance, funds and restructuring; and risk advisory.

The London-headquartered firm reached its goal to hit £1 billion in annual revenue last year even as global markets grappled with uncertain economic conditions. Ashurst also boosted pay for its newly qualified lawyers in London by £15,000 ($20,000) this year.

Perkins Coie’s small international presence won’t pose any large integration issues for Ashurst. Notably, neither firm has a large presence in New York.

The firms began discussing the possibility of a tie-up in February, Malley said, before Perkins Coie was hit with Trump’s executive order. The order and litigation that followed didn’t hurt the confidence of the merging partners.

“There wasn’t a month that’s gone by that these discussion haven’t progressed in some way,” Perkins’ Malley said. “We’re approaching this from financial strength and confidence going forward.”

The firm’s protracted dispute with the Trump administration also appears not to have spooked some of Perkins Coie’s major clients. Court documents show the firm continues to be retained by Boeing and Amazon.