With the economy in flux and the legal profession transforming at a rapid pace, many small and midsize firms that insisted they would never consider merging with a larger firm are now beginning to explore possibilities. The past few years have been tumultuous for many regional firms and now that the business is regaining stability, merging with another firm presents an opportunity to mitigate a repeat of the last few years. Below is an overview of critical steps to take before and during the law firm merger process.
Preparation
Prior to opening discussions and letting people outside your firm know you are considering a merger, it is important to internally examine why your firm wants to merge and identify what your firm would like to achieve through a merger. Do your partners want a larger platform and greater practice bandwidth, more diverse practice areas to cross-sell to existing clients, dedicated in-house marketing professionals, more financial stability or a larger base of clients? Undoubtedly any of those are attractive goals, but are they achievable through a merger? Is a merger the best route to reach these goals? Here’s how to find out:
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