Law firm mergers continue at record pace
Sixty-eight law firm mergers have been announced in the first nine months of 2015, the highest number since legal consulting firm Altman Weil began keeping track of the numbers in 2007.
There were 20 law firm mergers announced in the most recent quarter, and all were acquisitions of law firms with 35 or fewer lawyers, according to an Altman Weil press release.
Altman Weil principal Eric Seeger said in the press release that large and midsize firms are cherry-picking small firms based on practice specialty or geography. Intellectual property firms were a prime target.
In other instances, smaller firms are joining to strengthen their market positions.
Seeger told the Am Law Daily (sub. req.) that some law firms are opting for mergers over lateral hiring, which can be slower and more expensive.
