Law firm mergers rebound in third quarter, involve smaller firms
After seeing a dip in the second quarter of 2012, law firm mergers are back.
October 03, 2012 at 08:35 AM
2 minute read
The original version of this story was published on Law.com
After seeing a dip in the second quarter of 2012, law firm mergers are back, according to consulting firm Altman Weil. But these unions aren't all multimillion-dollar affairs; in fact, most of the third quarter mergers involved smaller regional firms.
According to Altman Weil, there were 14 law firm mergers in the third quarter of 2012, the same amount as in the third quarter of last year. Of those mergers, 12 involved at least one firm with fewer than 25 attorneys. Overall, 35 of the 39 mergers announced this year involved firms with fewer than 25 lawyers.
That trend looks likely to continue in the fourth quarter, as three such mergers were announced Monday. Florida-based Carlton Fields announced plans to acquire New York boutique firm Rosner & Napierala, bringing six new attorneys on board. Adams and Reese, a 260-lawyer practice with offices throughout the South, acquired Igler & Dougherty of Tallahassee, Fla. Finally, Fort Lauderdale-based Becker & Poliakoff announced the acquisition of fellow Florida firm Cornett, Googe & Associates.
Gary Rosen, Becker & Poliakoff's managing partner, told Thomson Reuters that deals between smaller firms are often easier to complete. “Negotiations tend to be less complicated,” he said, “and usually they can be accomplished in a short period of time.”
Read more at Thomson Reuters.
For more InsideCounsel coverage of law firm news, see:
Study says Biglaw profits look “grim” for 2012
Law firm managing partners lose confidence in economy
Court vacates $10.6 million malpractice judgment against Bryan Cave
HSBC sues Troutman Sanders for negligence
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