Clifford Chance partners approve merger with Badea

Partners of British law firm Clifford Chance, one of the largest players on the market, have approved by vote the merger with the firm run by Daniel and Nadia Badea in Bucharest, which will operate as of May 1st under the name Badea Clifford Chance, as the local subsidiary of the London-based firm. “Keeping the name of the legal firm’s founders in the firm’s name was the last matter of negotiation as part of merger talks, with no major changes to occur as a result of negotiations, due to the integration effort being made three years ago (i.e. when the association started). We will have less autonomy when making decisions, but we used to work together on the annual budgets beforehand, too,” Daniel Badea said. The merger will become effective when the new fiscal year starts (May 1st), and the main change will be of a financial nature, in that Daniel and Nadia Badea will no longer collect the firm’s locally-generated profits. Instead they will get a share of the company’s global profit, which amounted to 461 million pounds in the previous financial year, i.e. 1.17 million sterling pounds per equity partner on average.