The Competitive Market For Talent Now Has Big Law Firms Seeking Mergers Instead of Lateral Hiring
"Most firms considering mergers are saying, 'We should open up the aperture a bit because we're not able to move the needle fast enough,'" legal consultant Kent Zimmermann said.
October 29, 2021 at 11:00 AM
3 minute read
The original version of this story was published on The American Lawyer
Consultants are portending a flurry of law firm mergers in 2022, especially among larger firms, as the tight lateral market shows no signs of abating and the elite pull further away from the rest of the pack.
Many firms are currently in merger talks, consultants told Law.com. The interest is driven by a few factors. For one, the incredibly competitive lateral market has significantly reduced the opportunities most firms have for acquiring talent, and many don't expect that to ease up anytime soon—especially early next year after attorneys are paid out their end-of-year bonuses.
"Our merger practice is busier than it's been in 20 years by about a factor of four," said law firm merger consultant Kent Zimmermann.
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