Law firm merger activity is heating up. Altman Weil reported last week that the first half of 2015 saw a record number of merger announcements, and told The American Lawyer it looked like the pace would continue into the second half of the year: “We know from our consulting experience that a lot of firms are talking to each other… .”
I have long been a proponent of law firm mergers. They enable a firm to achieve its strategic objectives in ways which are more predictable and more efficient than other options.
That said, achieving a successful merger is very challenging. Most mergers—law firm or otherwise—fail to achieve their objectives. Few are disasters like Dewey & LeBoeuf, but few are true successes either.
Here are five considerations that are vital to a successful law firm merger: