This is the first of two installments that examine the changing landscape of distressed law firm acquisitions and how recent developments may encourage healthy firms to pursue struggling firms like never before.
Last week, the long-anticipated Morgan Lewis acquisition of a core component of Bingham McCutchen’s practice was announced. Described as a mass lateral
Recent reports on the legal profession reinforce what most realists already knew; market forces continue to apply significant pressure on law firms.
Two forces at work in the marketplace show no signs of easing any time soon: the demand for legal services on one hand, and on the other, the (over) supply of
For years, a premise behind law firm growth was the recognition (or belief) that many clients required a broad range of services. Sensing a need, and wanting to meet it, law firm leaders sought to build not only bigger law firms, but also ones that offered many substantive specialties. As the thinking went, once a
The November edition of The American Lawyer includes an interesting article by Aric Press titled “Big Law’s Reality Check”. The article has implications for law firms of all sizes.
Press provides much fodder for thought; but these points, in particular, struck me as telling:
The concept of insourcing by corporate legal departments has generated some press recently. Jennifer Smith’s Companies Curb the Use of Outside Law Firms highlighted the issue for law firms and judging by the reaction, it explained for some law firm leaders what has been happening to them. Other writers and commentators (here, here
Invested capital at law firms varies widely and reflects the differing philosophies between firms. The amount invested says something about a law firm’s values, speaks to its fiscal approach and provides commentary about a law firm’s culture. Traditionally, the more capital in a given firm indicated a strong institution with the shared value of fiscal
I am interested in the interaction of a group of people who have a common goal, or a common obsession, each contributing something unique to make something greater than the sum of its parts. I don’t know why, but from day one, that has interested me. – Steven Van Zandt, Bruce Springsteen’s E Street
Law firm mergers have continued this year and are approaching last year’s record. For law firms, any number of motivations can lead to merger, but the common denominator is the perception that merger serves the greater good. Despite the onslaught of mergers, a vast number of mergers are less than perfect. And while a
In a recent interview about his advisory work on behalf of Patton Boggs (now a part of Squire Patton Boggs), Zolfo Cooper’s Joff Mitchell recommended that law firms “get your house[s] in order.” While not all law firms today face the challenge that Patton Boggs faced and which Mr. Mitchell helped resolve, there
Efforts and courage are not enough without purpose and direction. – John F. Kennedy
It seems not a week passes without an announcement of another law firm merger. A report last week of a rumored combination of Morgan Lewis and Bingham McCutchen caught my attention.
The posting in Above the Law suggests that the partners
