Ashurst makes long-awaited US play with $2.7bn Perkins Coie merger

Ashurst has agreed to merge with US firm Perkins Coie in a deal that will create one of the world’s 20 largest law firms by revenue - and the biggest US-UK combination since A&O's tie-up with Shearman & Sterling.

The merged firm, to be called Ashurst Perkins Coie, is expected to bring in around $2.7 billion (£2.1 billion) in annual revenue and span 52 offices across 23 countries. Global leadership will be split between Ashurst’s Paul Jenkins and Perkins Coie’s Bill Malley as co-CEOs.

A long-awaited move for Ashurst

The merger ends years of speculation about Ashurst’s US ambitions. The City firm, which famously was close to merging with Latham & Watkins and Fried Frank in the 2000s, has long been under pressure to find a meaningful foothold in the American market.

According to the Financial Times, the Ashurst-Perkins deal had been under discussion since February - a period disrupted by President Trump’s March executive order targeting Perkins for its past work representing Hilary Clinton. A federal judge later blocked the order as unconstitutional.

Perkins Coie, headquartered in Seattle and best known for its work with tech giants Amazon and Microsoft, offers reach and sector expertise, if not the New York scale many had expected Ashurst to prioritise. It launched in London last year, with an office spearheaded by City law veteran Ian Bagshaw and a clear aim to double down on work for "the companies of tomorrow."

The deal gives Ashurst deeper access to the US West Coast’s booming tech sector, while Perkins gains a genuine global platform with established strengths in energy and infrastructure, financial services and real estate.

Both firms bring broadly aligned finances: Ashurst reported revenue of £1 billion ($1.3 billion) last year, while Perkins posted $1.2 billion, with similar profits per equity partner of around $1.8 million, easing the financial integration.

Global landscape

Once complete, the merger will rank Ashurst Perkins Coie among the world’s top 20 firms by revenue, a peer group that increasingly includes transatlantic combinations. Herbert Smith Freehills’ tie-up with Kramer Levin went live earlier this year, while A&O Shearman completed its merger in 2024.

Still, some questions may linger over the strategic fit. Perkins adds only limited additional scale in New York - the market seen as essential for any global elite firm - marking a shift in Ashurst’s focus away from its corporate and finance roots towards a more tech sector-focused strategy.

What they said

Ashurst CEO Paul Jenkins said the merger would create "a truly differentiated global law firm" and described Perkins Coie as "an ambitious, forward-thinking firm meeting clients at the forefront of technological change."

Perkins Coie managing partner Bill Malley said the combination was about scale and reach: "Our clients face challenges and opportunities that are global and increasingly complex. To meet this moment, we must strengthen our ability to deliver trusted legal guidance seamlessly across borders."

The firms expect to complete the merger next year, subject to partner approval.