HSF Kramer launches with 2,700 lawyers and US expansion strategy

New firm HSF Kramer sets sights on US growth after landmark Anglo-American legal merger

The long-anticipated merger between Herbert Smith Freehills and US law firm Kramer Levin went live on 1 June, creating a $2bn legal powerhouse named Herbert Smith Freehills Kramer, or HSF Kramer. With 2,700 lawyers and 630 partners across 26 offices, the transatlantic combination instantly catapults the new entity into the world’s top 20 law firms by revenue.

This landmark deal hands legacy HSF a long-coveted foothold in the lucrative US market, transforming a previously small New York presence into a tri-coastal American platform, with Kramer Levin’s bases in New York, Washington DC, and Silicon Valley now under the HSF Kramer banner.

Chair and senior partner Rebecca Maslen-Stannage praised the merger’s completion. “We are delighted by the overwhelmingly positive feedback from our clients and our people. Together, we will focus on our strategic vision and build on this fantastic platform,” she said. “The deal unites two firms with complementary strengths and a bold vision for the future.”

US’s ambition was central to the deal. HSF previously operated only a small New York outpost, whereas Kramer Levin’s 120-partner operation gave the merger real weight stateside. Notably, Kramer Levin’s only overseas office, in Paris, was spun off before the deal closed—an indication of the sharp US focus.

Justin D’Agostino, global CEO of HSF Kramer, highlighted the strategic value of the move. “In today’s uncertain macroeconomic landscape, clients need a global law firm with local insight across all their key markets,” he said. “Herbert Smith Freehills Kramer is uniquely positioned to deliver exceptional outcomes in an increasingly complex and interconnected world.”

The new firm plans to grow across sectors including private equity, real estate, bankruptcy and restructuring, securitisation, disputes, and broader corporate transactions. Special attention will go to its US regulatory and tech practices in Washington DC and Silicon Valley, alongside building out its New York base.

The executive leadership reflects HSF’s dominant role in the deal, with many senior posts filled by its legacy leaders. D’Agostino heads the global executive. Kristin Stammer remains executive partner for Asia and Australia, and Jeremy Walden has taken over as executive partner for the UK and EMEA. Alison Brown, his predecessor, now serves as executive partner for US growth and strategic integration. Anna Sutherland becomes executive partner for practices.

Former Kramer Levin co-managing partner Paul Schoeman takes on the role of US executive partner, while his former co-leader Howard Spilko becomes global head of private equity and chair of corporate, US.

This merger follows HSF’s own foundational deal in 2012, when London’s Herbert Smith merged with Australia’s Freehills. Although that move was initially rocky, with a wave of partners exiting London, the integration eventually stabilised and helped HSF expand across Europe.

The firm’s most recent financial results showed momentum, with a 10.1% rise in turnover to £1.3bn ($1.6bn) and profit per equity partner (PEP) increasing 12% to £1.3m ($1.6m) for the year ending April 2024. In comparison, Kramer Levin’s revenue for 2023 was $435.2m, with a notably higher PEP of $2.4m—a reflection of its presence in the high-margin US market.

Such PEP disparities have challenged similar transatlantic tie-ups, including last year’s Allen & Overy and Shearman & Sterling merger. HSF Kramer will need to develop a partner remuneration model that aligns both legacy firms’ expectations—a step already taken by Magic Circle rivals to stay competitive in the US.

With global scale, elite clients, and a sharpened US strategy, HSF Kramer now stands poised to challenge established global giants in a market demanding both reach and agility.