According to a report from Altman Weil Inc, there have been thirteen law firm mergers during the third quarter of this year. This year's second quarter experienced seven mergers.
Bill Brennan, principal with Altman Weir, commented that although the number of mergers is up, most of the acquisitions were small. ''This reflects the continuing caution of law firms in response to the recent economic turmoil. [...] Law firms do not want to assume the risks inherent with big mergers right now. Instead they are acquiring small firms or groups of lateral partners with portable business.'' Brennan is an industry advisor with Altman Weir on law firm mergers and growth. Altman Weir is a management consulting firm in Newton Square, PA, that focuses on the legal profession.
One recent merger included the Boston based law firm of Bingham McCutchen LLP and their acquisition of McKee Nelson which employs 120 attorneys with offices in New York and Washington, D.C. Early this year, Bingham McCutchen LLP lost five partners and six associates to the Boston office of Morgan Lewis & Bockius, LLP. Other recent mergers included Tampa's Stile Taylor & Grace with Joyner & Jordan- Holmes and GCR LLP of San Diego with the Mastin Law Firm of Denver. Both mergers involved less than the amalgamation of 40 employees.
According to a report by the National Law Journal, it is predicted that 60 mergers will occur this year.
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