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Making Merged Firms Work As One
Why Law Firms Merge
Law firms merge for the below offensive and defense reasons:
- To increase their opportunities for retaining a client base;
- To enhance their capacity to serve larger and more prestigious clients;
- To broaden the geographic area(s) served by the merged firm;
- To derive benefits not otherwise available, ie, the synergistic effect);
- To strengthen or add specialty areas to satisfy requirements of present and future clients; and
- To correct structural imbalances, ie, to offset the departure of partners, the experience level of attorney personnel, etc.
Finding a merger candidate can be a daunting process. However, integrating a merged group of attorneys into a “new” firm's culture, practice environment and organizational structure so that attorneys from both firms work as one may be a greater challenge.
The potential problems that may occur after the joining of two firms are infinitely complex. Such a merger will call for a change in the manner in which the attorneys in the newly merged firm currently practice law and manage their business. It will potentially require different approaches to management and compensation, but will open numerous new opportunities, especially with the enhanced professional, substantive and economic objectives of the newly merged organization.
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