Law Firm Mergers in an ‘Upward Trend’
A legal consulting firm says law firm mergers are in an “upward trend” that is expected to continue in 2009.
Hildebrandt International says there were 55 completed law firm mergers last year, and another 20 already completed this year. In 2007 there were 54 law firm mergers, and in 2006 they peaked at 59.
Lisa Smith, head of Hildebrandt’s Law Firm Strategy and Merger Practice, said in a press release that the economy is driving the increased activity. “We expect the current economic cycle will accelerate the pace of consolidation in the legal industry,” Smith said. “Merger activity has picked up in recent months as firms look to diversify their client base, geography and practice mix.”
The largest merger of 2008 was between Blackwell Sanders and Husch & Eppenberger to form Husch Blackwell Sanders. The largest so far this year was between Bryan Cave and Powell Goldstein. Several midsize law firms are among those announcing mergers this year.
The National Law Journal noted the Hildebrandt merger survey.
