Phthalides, also called isobenzofuranones, are widespread in many biologically active compounds and natural products. To date, most of their synthetic routes are non‐convergent. Herein we report a convergent route using a metal halogen exchange (MHE) strategy. Indeed MHE of easily available 2‐iodobenzoate derivatives, using the bimetallic organomagnesiate complex (rac)‐(BIPHEN)BuMgLi, where (rac)‐BIPHEN is (rac)‐5,5′,6,6′‐tetramethyl‐3,3′‐di‐t‐butyl‐1,1′‐biphenyl‐2,2′‐diol, followed by addition of a ketone which lead to an intramolecular cyclisation, and the formation of a series of diverse 3,3‐disubstituted isobenzofuranones in good yield. Among the several MHE agents investigated, (rac)‐(BIPHEN)BuMgLi was the only one to make such a process possible with full tolerance of various reactive functional substituents useful for subsequent transformations. The synthetic pathway to access the magnesiate has been found to play a prominent role in its reactivity. Therefore, the bimetallic magnesiate complex has been characterized by solution‐state 1H, 7Li and 1H DOSY NMR experiments.