Despite the seemingly “good” year that 2018 was for many law firms, experience tells us that ”good” can be a relative thing. While 2018 performance data compares favorably to the data from the prior years following the Great Recession, all is not completely rosy. Today’s law firms face more competition than ever as market share… Continue Reading
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Four Important Phases in Achieving Law Firm Merger Success
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm TransitionLaw firm growth gets a lot of attention. Among the various approaches to law firm growth is the tactic of merger. Almost weekly we are treated to another announcement about two law firms fulfilling their desire to grow by combining. And although law firm mergers have been part of the landscape for years, the incidence… Continue Reading
Merger Madness-Five Reasons Your Merger Can Go Wrong
Posted in Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionIt almost seems like a broken record to hear about the popularity of law firm mergers. Legal industry publications report on the latest mergers and hot market trends. Indeed, just recently The American Lawyerreviewed the merger opportunities that abound for mid-size firms in its Mid-size Firm Leaders Awash in Big Law Merger Offers. Despite the… Continue Reading
Merging Your Small Law Firm into a Bigger One-Five Additional Things Smart Firms Think About
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionLaw firm mergers happen-a lot. While the mega mergers get the publicity, many mergers stay under the radar because they involve smaller firms being absorbed by larger firms. Whether for reasons of market dynamics, succession, or battling for growth, some smaller firms simply conclude that life will be better as part of a bigger shop. A… Continue Reading
Avoiding Post Law Firm Merger Culture Wars-Six Things to Consider Before Getting Married
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm TransitionLaw firm mergers have been in the news with combinations being announced seemingly every week. So far in 2018, the many mergers closed have drawn the attention of the media and law firm leaders alike. The rationale for any of the announced mergers depends on the specific transaction and the firms involved. Whatever the reason,… Continue Reading
Law Firm Merger Checklist Item-Culture
Posted in Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionThe spring of 2018 has produced a spate of large law firm mergers. Despite this noticeable activity, the interest in mergers is not something new-over 600 mergers and acquisitions have closed since 2007. Based on the tactic’s popularity among firm leaders seeking a competitive edge, we can expect more mergers in the future. For law… Continue Reading
Four Important Elements to Getting Law Firm Merger Right
Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionAlready 2018 has proven to be a time for law firm merger. Since the beginning of the year we have been treated to a constant series of announcements about law firms combining. And although law firm mergers have been part of the landscape for years, the increase in law firm mergers shows its growing popularity… Continue Reading
Its Merger Season-Five Reasons for Your Law Firm to Think About Merger
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm Succession, Law Firm TransitionTis the season, but holidays are not involved. Rather, market forces, activity and trends confirm that law firm merger is on the minds of law firms. While mergers once seemed to happen mostly around the start of the year, the complexity of the merger exercise means mergers can happen at any time. And even for… Continue Reading
Finding the Right Law Firm Merger Candidate-Five Fundamentals
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm TransitionLaw firm mergers are a regular occurrence in today’s American legal landscape. Large or small, they happen because law firms and their leaders see merger has meeting a perceived need. Whether seeking greater market share, pursuing untapped lucrative markets, responding to a demographic challenge, or fixing inadequate succession preparations, a merger can represent the right… Continue Reading
Considering Law Firm Merger? Four Disciplined Steps to Getting It Right
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm TransitionIn the case of many law firms competing in today’s legal environment, growth is important. Some growth is done quietly while other expansion is discussed widely. Growth in the form of law firm merger gets everyone’s attention-indeed announcements about law firms joining together in merger seem to be made weekly. For every merger announced there… Continue Reading
Improving the Odds in Law Firm Merger
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm TransitionLaw firm mergers remain popular as law firms everywhere seek an edge. Despite the high interest in merger as a difference maker, law firms considering merger need to be careful-merger can be fraught with risk. Indeed, it is reported that only about half of all law firm mergers succeed. So not only can a merger… Continue Reading
Improving Your Law Firm’s Growth Prospects-The Importance of Discipline
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionFor many law firms client expectations, increased competition (from traditional and non-traditional sources) and unreliable demand present formidable challenges. These challenges can be compounded as a firm’s senior lawyers age and succession gets added to a firm’s “to do” list. Some firms have responded to these issues by growing through lateral hiring or merger… Continue Reading
Law Firm Merger Today-Aligning the Cultures
Posted in Law Firm Growth, Law Firm Merger, Law Firm TransitionMerger is a frequent law firm activity, especially in recent years. Based on a recent review of Altman Weil’s MergerLine, over 600 mergers and acquisitions have closed since 2007. While not all the deals identified by MergerLine have been true mergers, many of the “non-mergers” nonetheless have been significant because they represent the near full… Continue Reading
Law Firm Merger-Four Key Stages to Success
Posted in Law Firm Growth, Law Firm Leadership, Law Firm MergerLaw firm growth gets a lot of attention. Among the various approaches to law firm growth is the tactic of merger. Almost weekly we are treated to another announcement about two law firms fulfilling their desire to grow by combining. And although law firm mergers have been part of the landscape for years, since the… Continue Reading
Law Firm Merger-Four Rules to Follow
Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionMergers between law firms garner headlines. Just last week, Kansas City’s Husch Blackwell was in the news when it announced that it was merging with Whyte Hirschboeck Dudek S.C., a Wisconsin based business and litigation firm. The merger comes less than year after Husch Blackwell’s Chairman Maurice Watson described the firm’s newly adopted strategy of… Continue Reading
Law Firm Merger or Combination-A Solution That Can Suit Many Situations
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Succession, Law Firm TransitionAs we have seen recently, law firm combinations have continued at a brisk pace. In layman’s terms, most of the combinations are referred to as mergers although many are at best “merger-like.” Indeed, “true” mergers appear to be the exception and not the rule as law firm combinations continue to be announced. Gina Passarella wrote… Continue Reading
Another Record Year for Law Firm Mergers-Reasons Your Law Firm Should Not Be Next
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Transition, Law Firm Warning SignsIn a newly posted piece, Casey Sullivan‘s Law Firm Mergers Reach Highest Point in Nearly a Decade reports that 2016 is to be yet another record year for law firm mergers. As the cascade of announcements show (as well as the Altman Weil research compiled in its Mergerline), merger as a law firm strategy has gained… Continue Reading
Law Firm Merger: Five Compatibility Metrics
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionTo merge, or not to merge? That is the question. More and more law firms face that issue these days. We often advise law firms facing that watershed possibility and take them from considering merger in the abstract to addressing its reality. But because roughly 50% of mergers reportedly fail, properly evaluating a potential merger… Continue Reading
Law Firm Merger-What Makes Merger Success Likely?
Posted in Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionA headline from last week announced the law firm merger of Dykema with Texas’ Cox Smith. Although Michigan based Dykema already had a foothold in Texas, its merger with well-regarded Cox Smith represents a significant commitment by Dykema to its Texas strategy. The Dykema/Cox Smith combination also is further evidence that law firm mergers are… Continue Reading
Strategy of Merger: Four Steps for Success for Law Firm Leaders
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionThis blog post was originally posted, in late October, by Kevin McKeown at Above the Law and his blog Leadership Close Up. Kevin has been a tremendous resource for us and has guided us greatly as we work at delivering meaningful content about the legal industry and the significant changes it faces. These are challenging times for the… Continue Reading
Distressed Law Firm Acquisitions-The Times May Be Perfect (Part Two)
Posted in Law Firm Crisis, Law Firm Liquidation, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionAs reviewed in Part One last week, the example of the Morgan Lewis/Bingham McCutchen mass lateral transaction may serve to stimulate the pursuit of distressed firms by healthy firms. Although distressed law firm transactions are nothing new, the model of that deal plus two new legal developments may foster greater distressed law firm activity. The first… Continue Reading
Distressed Law Firm Acquisitions-The Times May Be Perfect (Part One)
Posted in Law Firm Crisis, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionThis 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 acquisition as opposed… Continue Reading
Unwanted Law Firm Departures While Negotiating a Merger-A Test of Leadership
Posted in Law Firm Crisis, Law Firm Growth, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionLaw firm mergers seemingly are announced weekly and continue a trend as to which most observers are accustomed. Just last week Locke Lord and Edwards Wildman Palmer jointly announced the signing of a letter of intent to combine their two firms. Not all law firm mergers are marriages of equals, or instances when the strategic… Continue Reading
Law Firm Leadership and Merger-Finding the Right Fit
Posted in Law Firm Growth, Law Firm Leadership, Law Firm Merger, Law Firm Repositioning/Turnaround/Restructuring, Law Firm TransitionAlthough this year’s transactions generally are smaller deals, the robust law firm merger market of 2013 has been continued into 2014. Mergers grab headlines, create excitement and almost always provide the merged firm a little boost from the afterglow of positive publicity. Unfortunately, any positive vibe from a merger will not last forever. And more… Continue Reading
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