São Paulo-based firm MHM Advogados has announced that a merger is underway with another firm in the city following the departure of a name partner.
After the departure of partner Ricardo Madrona and 43 lawyers, including five partners, the 11-year-old firm is set to merge with Campos Fialho Canabrava Borja Andrade Salles Advogados. The tie-up will be completed by 2017. Campos Fialho comes to the table with 11 partners and 47 associates across its offices in São Paulo, Rio de Janeiro, and Belo Horizonte. The combined entity will have 16 partners.
MHM partner Byung Soo Hong told IFLR1000 that in his opinion, differing opinions on how the firm should grow and compete in Brazil’s competitive market caused the split.
Madrona has reportedly launched his own practice as Madrona Advogados and will specialize in corporate and M&A work, according to a March 16 article published by Latin Lawyer.
Hong said the combination is expected to strengthen the capabilities of both MHM and Campos Fialho Canabrava Borja Andrade Salles, while adding value for clients in terms of the range of legal practices and geographical bases.
“The Brazilian market has become more competitive with an increasing number of firms providing,” Hong said. “Firms are required to improve” the ratio of costs and benefits.
Over the last year, international firms Norton Rose Fulbright and Hogan Lovells have opened offices in Rio de Janeiro and São Paulo, respectively.
Madrona had not responded to a request for comment as of press time.