Pinsent Masons has pulled the plug on its joint venture (JV) with US ally Thelen Reid Brown Raysman & Steinwer because of its running costs.
The operation, which focused on projects and construction work, was set up by legacy firm Masons in 2003 under the banner Masons Thelen Reid (MTR).
Lawyers from each firm would be seconded to MTR on a deal-by-deal basis. At its launch the JV could draw on 350 dedicated projects and construction lawyers in the UK and US to handle international deals.
Despite the proposal to ditch MTR, Pinsents said it had no plans to sever wider ties with Thelen Reid and would maintain referral links with the West Coast firm going forward.
As first reported in Legal Week earlier this year, Pinsents has launched a wide-ranging review of its links with around 30 US firms. The top 20 UK law firm hopes to develop deeper links with a reduced number of referral partners.
Thelen Reid co-chair Stephen O’Neal said in a statement: "Both firms have simply outgrown this vehicle. MTR served both firms well but this decision makes a lot of sense from a profitability and marketing standpoint."
Pinsents international chief Tony Bunch added: "We are both keen to keep going the strong links we have developed. A 'best friends' arrangement gives both firms more flexibility and greater opportunities for collaboration."