It will initially specialise, Dentons said in a statement, in services including but not limited to commercial diplomacy, capital markets advisory, transaction advisory, crisis, dispute and issue management, corporate positioning and geopolitical risk advisory – with plans to expand into other advisory areas.

The advisory business will operate independently from Dentons and work alongside other consulting firms, law firms, accounting firms and professional service providers of any expertise, however the latter will be a “key collaborator, minority shareholder and support service provider for the former.

Moreover, the law firm said, the new advisory business will “provide a distinctive opportunity for clients to draw upon a broad range of expertise and drive seamless execution when needed”.

Speaking about the launch, Dentons global chairman and Dentons Global Advisors board member Joe Andrew said: “We see that our clients have entered a New Dynamic Decade where they are being asked to address bigger and broader issues than ever before and need coordinated advisory services to help them reach all of their goals.”

In partnering with Dentons Global Advisors, he explained, the law firm intends to continue to scale its “elite advisory offering” with the geographic reach that will enable it to meet all of its clients’ needs.

Dentons global chief executive Elliott Portnoy added: “We are confident executive teams and board members will instantly see the unique value of partnering with an advisory firm that operates hand-in-glove with the world’s largest law firm, particularly when overseeing their most sensitive and confidential matters, such as transactions, crises, investigations or litigation,” he proclaimed.

Global business strategy firm Albright Stonebridge Group – whose chair is The Honourable Madeleine Albright (pictured), who served as US secretary of state under president Bill Clinton – will be a founding member of Dentons Global Advisors.

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“During the past 20 years, we have built unparalleled strategic advisory capabilities and developed a reputation for solving the hardest problems while making a positive impact around the world. We are pleased to have found partners who share our vision and have complementary expertise,” said Ms Albright.

“This exciting new venture will provide even more opportunities for our team while delivering immense benefits to our clients who have wide-ranging needs.”

The new venture will be headed up by Dentons special adviser Ed Reilly.

Reflecting on the need for such a business, he said: “We observed the legal challenges and policy issues facing organizations regularly overlapped, creating a real need for integrated legal and advisory solutions.

“Being able to tap the global experience, excellent reputation, high-end capabilities and talent of Albright Stonebridge Group makes the proposition to clients even more compelling.”