With Florida growing faster than the national average for the second year in a row, law firms are enjoying the best environment for expansion in more than decade. The math says that a merger between firms can increase revenues 20 percent and cut back-room costs 15 percent. Reality says that finances, culture and unrealistic expectations will likely get in the way.
Partnership, shareholder or limited liability company agreements are premised on a detailed baseline understanding of the ground rules; they can’t leave matters to interpretation later on. That may lead to disagreements or differences that create angst and cause the firm to atrophy or collapse as attorneys leave.
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