Herbert Smith Freehills (HSF) is set to merge with New York-based Kramer Levin Naftalis & Frankel this month, pending partner approval, despite facing operational losses in the U.S. HSF reported a loss of $5.9 million for its New York LLP, although revenue slightly increased. The merger is crucial for HSF, as they project that combined practices will generate 25% of the global firm's profits. The new entity, HSF Kramer, is expected to employ 2,700 lawyers and achieve over $2 billion in revenue, positioning it among the world's top law firms.
The U.S. is a strategically important market in which we have invested heavily. Following our proposed combination with Kramer Levin, our practices and businesses in the U.S. will deliver 25% of the global firm's profits.
Realistically speaking, the firm's limited financial losses shouldn't have that much of an impact on the impending tie-up. HSF Kramer will have 2,700 lawyers and is expected to have at least $2 billion in revenue.
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