The South was a desirable destination for law firms looking to merge and expand in 2008, according to Altman Weil’s latest MergerLine report. Of the mergers announced last year, 44 percent involved at least one law firm based in the South, said Altman Weil principal Thomas Clay.
The number of mergers nationwide was up in 2008 compared with the previous year, likely due in part to the ailing economy. Falling profits at many law firms prompted some larger firms to expand into more stable, second-tier markets. At the same time, some smaller firms looked to merge with larger firms in order to gain stability amid economic turbulence.
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