Source: Bloomberg Law
Mergers have taken center stage with news of Big Law partners voting to approve tie-ups of large firms in the span of six days. Consolidation is accelerating as competitors seek scale to bolster credentials, access clients and talent in new markets, and spread the growing costs of running law firms over more lawyers.
“More and more firms are appreciating the benefits of scale and recognizing that it’s hard to build enough scale with one-offs, laterals, and an occasional group hire,” said Kent Zimmermann, a principal at Zeughauser Group who advises on law firm mergers. “So they’re pursuing mergers and acquisitions, and that’s true for a large and growing group of firms.”
Regional firms are looking to access broader platforms that provide their clients a wider set of practice groups. Top 200 firms want to enter new geographic locations, selling their services to a fresh batch of companies. Even Top 100 firms are seeking to crack the top end of the market that has grown revenue and profitability faster than the rest.
Read the full article: https://news.bloomberglaw.com/business-and-practice/big-law-mergers-pop-as-firms-hit-gas-in-industrys-race-to-scale
