‘No termination clause’ at KWM

The firm denies such a break clause is in play between the Australian and Chinese partnerships

‘No termination clause’ at KWM
There is currently no termination clause between the Australian and Chinese partnerships of King & Wood Mallesons, Australasian Lawyer can reveal.

The Lawyer recently reported that the firm has delayed a review of the “successes and failures of its Sino-Australian merger,” a process which could have led to the triggering of a “five-year break clause” which was part of the agreement when the two firms combined.

“There is no termination clause or formal five-year review underway. The China, Hong Kong and Australian practices are aligned around our global strategy and future direction of the firm,” KWM told Australasian Lawyer.

The firm does have an International Management Committee and various other global working groups, but these groups have always been tasked to look at improving the global network.

The mention of a breakup clause comes as KWM deals with the aftermath from the closure of its Europe, UK, and Middle East (EUME) partnership formed largely from legacy SJ Berwin, which merged with KWM in 2013. KWM was formed in 2012 when Australia’s Big Six firm Mallesons Stephen Jaques combined with Chinese Red Circle firm King & Wood PRC Lawyers.

KWM has established a new presence in Europe and had earlier confirmed to Australasian Lawyer the identity of 17 of its 33 partners who are staying with the new business unit.

Recently, a group of around 200 former staff of KWM EUME, which includes lawyers, sued  over the handling of redundancies after the appointment of administrators on 17 January.

Related stories:
Tim Bednall to return to Australia
‘Lack of core leadership’ sank legacy SJ Berwin, says KWM China

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

HSF pumps up global financial services regulatory team with new partner

DLA Piper supports nickel pig iron producer on $231m equity raising effort

US Supreme Court rejects government request that keeps inmates at high risk for COVID-19

Clayton Utz senior associate applauds greater focus on diversity and inclusion

Ashurst helps challenger bank gain unicorn status on $230m capital raising

UK lord chief justice pitches use of temporary venues for court proceedings

Most Read Articles

Cosmetics giant makes first foray into Australia with Hall & Wilcox’s assistance

KWM's chief executive partner for Australia extends run into second term

Clayton Utz senior associate applauds greater focus on diversity and inclusion

COVID-19 and Australian courts and legal bodies updates: 25 May