There has been speculation for some months that Maclays was involved in discussions and it has emerged that the firm has been negotiating with Addleshaw Goddard since late last year.
It has offices in London, Leeds, Manchester, Dubai, Oman, Qatar, Singapore and Hong Kong, along with a strategic alliance in Tokyo with Hashidate.
Sources in the trade now say the talks have broken down.
A merger would have created a combined business with a turnover close to £240 million and provided Addleshaws with its first offices in Scotland.
A spokesman for Maclay Murray & Spens said: “MMS keeps in touch with other firms on an ongoing basis and sometimes such discussions encompass the possibility of collaboration of some kind.
“I can confirm that we are not in any such ongoing discussions with any firm at the moment.
“We are resolutely committed to growing the firm, organically; through lateral hires; strategic acquisitions; or mergers. However, any such move has been and will continue to be assessed on the individual financial and strategic merits.
“Should any such discussions develop into something more substantial, we would communicate that first to our teams and then our client base and the media.”