(2n - 1)*(2m - 1) = 2n+m - 2n - 2m + 1
-(2n + 2m) is like clearing the bits at index n and m, which does not affect much the result compared to 2n+m, so you need n+m bits to represent the result.
For example 11112*11112 = 111000012 (15*15 = 225)
In general, (bn - 1)*(bm - 1) = bn+m - bn - bm + 1, so multiply an n-digit by an m-digit number in an arbitrary base b results in a number at most n+m digits
You can see that easily in base 10: 9*9 = 81 (1 digit * 1 digit = 2 digit) or 99*99 = 9801 (2 digit * 2 digit = 4 digit)