100 Days Since Merger, HSF Kramer Sets Out Ambitious US Growth Plans
September 8, 2025, marked the 100-day milestone since the landmark merger between Herbert Smith Freehills (HSF) and Kramer Levin Naftalis & Frankel, forming Herbert Smith Freehills Kramer (HSF Kramer), a global legal powerhouse with over $2 billion in revenue and 2,700 lawyers across 26 offices. The firm, now ranked among the world’s top 20 by revenue, has unveiled bold plans to derive 30% of its revenue from the U.S. market in the coming years, signaling a strategic push to strengthen its American presence. This development, reported by outlets like Benzinga and Legal Newsfeed, holds significant implications for the U.S. legal market and beyond.
The Merger: A Transatlantic Powerhouse
Finalized on June 1, 2025, after a partnership vote in April, the merger united HSF’s global reach with Kramer Levin’s robust U.S. footprint, creating a firm with 630 partners and a single profit pool. HSF, previously limited to a small New York office, gained tri-coastal U.S. bases in New York, Washington, D.C., and Silicon Valley through Kramer Levin’s 120-partner operation. The deal, announced in November 2024, was a strategic leap for HSF’s U.S. ambitions, as outlined in its 2022 HSF Ambition strategy.
Chair Rebecca Maslen-Stannage praised the merger’s early success, stating, “We are delighted by the overwhelmingly positive feedback from our clients and our people. Together, we will build on this fantastic platform.” Global CEO Justin D’Agostino emphasized its strategic value: “Clients need a global law firm with local insight. HSF Kramer is uniquely positioned to deliver exceptional outcomes.”
Ambitious U.S. Growth Plans
HSF Kramer’s goal to generate 30% of its revenue from the U.S. reflects a focus on key practice areas: private equity, real estate, bankruptcy and restructuring, disputes, securitization, and corporate transactions. The firm aims to bolster its New York presence and expand regulatory and tech practices in Washington, D.C., and Silicon Valley. D’Agostino highlighted Texas as a priority, with potential mergers to strengthen the firm’s energy practice, noting, “All options are on the table.”
The merger’s U.S. focus was underscored by spinning off Kramer Levin’s Paris office before the deal closed, sharpening its American strategy. Jay Neveloff, Kramer Levin’s veteran real estate lead, told Commercial Observer that the combined firm’s Band 1-rated real estate practices in the U.S., UK, and Australia position it for significant growth.
Leadership and Integration
HSF Kramer’s leadership leans heavily on HSF’s legacy, with five of six executive partners from the firm. D’Agostino serves as global CEO, while Kristin Stammer oversees Asia and Australia, Jeremy Walden leads the UK and EMEA, Alison Brown drives U.S. growth and integration, and Anna Sutherland manages global practices. Paul Schoeman, former Kramer Levin co-managing partner, heads U.S. operations, and Howard Spilko chairs the U.S. corporate practice, ensuring continuity.
Integration challenges, such as cultural and profitability gaps, remain a concern. Legal Desire noted that while cross-border mergers are rising, “only a select few UK-U.S. mergers make sense long-term,” per consultant Tony Williams. However, HSF Kramer’s single profit pool and complementary strengths—HSF’s global disputes and transactions paired with Kramer Levin’s U.S. expertise—aim to mitigate these hurdles.
Public and Industry Reactions
The announcement sparked lively discussion on X. @LegalMergers tweeted, “HSF Kramer’s 30% U.S. goal is bold—watch out, Big Law!” while @LawyerInsights cautioned, “Integration’s the real test. Can they align cultures?” Industry voices are optimistic. Kent Zimmermann of Zeughauser Group told Legal Desire, “Size and profitability are critical to attracting top talent,” positioning HSF Kramer as a formidable player.
Analysts predict HSF Kramer’s U.S. push could disrupt the Am Law 100 rankings, with its $2 billion revenue already rivaling top-tier firms. The firm’s focus on tech and private equity aligns with U.S. market trends, where M&A deal values rose 10% in 2024.
Impact on the U.S. Legal Market
Economic Implications: HSF Kramer’s expansion strengthens the $400 billion U.S. legal market, where top firms bill at $1,200/hour. Its focus on private equity and tech could attract clients from Silicon Valley startups to Wall Street giants, potentially shifting market share from rivals like Kirkland & Ellis. The firm’s projected 25% U.S. profit contribution could add $500 million to its bottom line, per Kramer Levin estimates.
Social and Talent Dynamics: The merger enhances HSF Kramer’s appeal to diverse talent, leveraging Kramer Levin’s 340-attorney U.S. base and HSF’s global reach. However, cultural integration remains a hurdle, as noted by Lawfuel’s Ben Thomson, who called it a “$2 billion gamble.”
Political Context: With U.S. midterm elections looming in 2026, HSF Kramer’s regulatory practice in D.C. could capitalize on policy shifts, especially in tech and energy, where clients demand compliance expertise amid ESG and AI regulations.
Looking Ahead: A Bold Bet on the U.S.
HSF Kramer’s 100-day milestone is a launchpad for its U.S. ambitions. With plans to grow in Texas and deepen its New York and Silicon Valley presence, the firm is poised to challenge Big Law’s status quo. Its real estate practice, led by Neveloff, aims to leverage global client overlaps, while D’Agostino’s vision of a “global elite” firm positions HSF Kramer for high-stakes deals.
Yet, challenges like cultural alignment and economic uncertainty could test its resolve. As Staci Zaretsky of Above the Law noted, “We can’t wait to see how HSF Kramer shakes up the Big Law market.” For U.S. clients, lawyers, and investors, HSF Kramer’s aggressive push signals a new era of transatlantic competition, with the potential to redefine global legal services.