Jeez, it’s like “we love the Queen” day over here.

We’ve got some law firm expansion to report on. McGuire Woods is planning to acquire the London-based firm of Grundberg Mocatta Rakison. The move will add 36 attorneys to the McGuire roster. According to the firm press release:

Today’s announcement greatly enhances McGuireWoods’ international capabilities, and allows the firm to better serve clients with matters requiring an international presence, including corporate and financial transactional work, as well as litigation and wealth management matters. In addition, this combination will allow the firm to offer GMR’s existing international client base its capabilities to handle matters throughout the United States and in the other countries where McGuireWoods has offices. McGuireWoods’ clients will also have access to GMR’s international network.

A tipster reports:

Maybe they’re trying to get some of that $1,440 an hour advising work.

The ABA Journal reported this morning that U.K. regulatory lawyers bill out for as much as 1,000 pounds a day.

McGuire Woods Chairman Richard Cullen explains why the firm wanted to expand during the recession, after the jump.

McGuire Woods was last seen in these pages cutting associate salaries. Now it is expanding internationally? When Above the Law spoke with Cullen, he emphasized that both firms are aware of the challenges:

Both our firm and theirs thought this was the right time to meet at the altar. We have been talking for many months and learned a lot about each other and were open with each about the challenges in this world economic slowdown. At the end of those discussions we were both eager to announce our intentions to merge and we look forward to May 1 with great optimism and a sense of excitement. The news was meet with enthusiasm from our troops.

McGuire is putting rainmaking resources into the London effort:

In addition, select partners in London will become part of McGuireWoods’ committee structure. Former McGuire Woods managing partner Bill Strickland will divide his time between the London and Brussels offices; and Peter Covington, vice chairman of McGuire Woods, will relocate to London.

Sounds like a plan. It’s great to see some expansion these days.

UK Regulatory Lawyers Ascendant: Hourly Fees Reach $1440K [ABA Journal]

Earlier: McGuire Woods Cuts 1st Year Salary