According to the Law Society Gazette in England and Wales, the firms – both of which have offices in Scotland – have completed detailed discussions and due diligence ahead of a vote by the partners.

A spokesperson for BLM told the Gazette: “We believe that a potential combination with Clyde & Co would provide us with the growth needed to develop our business.

“We are both dominant in risk and insurance and our respective businesses complement each other. Whilst Clyde & Co is a global business, we both have an extremely strong presence in the insurance sector in the UK and Ireland. Clyde & Co also boasts a strong offering in business and advisory services.”

A spokesperson for Clyde & Co added: “We consider a merger such as this the best way to realise [our] ambitions. BLM is a firm we have long admired and we believe a merger can be formed on the basis of our complementary client rosters and our shared focus on quality.”