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Your Future: Is There A Merger There? Are You Going To Follow The Lemmings Or Set Your Own Course?
A recent article in the National Law Journal piqued my attention. It hit on a point that many middle market firms must consider too often. The article in the Jan. 10, 2005 issue is titled “Mergers? Not Here Thanks.” Many firms not listed as mega-firms are asking the same questions ' should we take an offer to merge with a larger firm? Here are some questions every partner and firm should ask before considering combining with any other firm.
What typically raises the question of possibly merging from inside the firm? Partners see larger firms encroaching on their clients or the firm loses out on new work to a larger firm. The big lease comes up for signature and there doesn't seem to be anything to hold the firm together other than money. A great team player and profitable lawyer leaves for a larger firm. The brightest and best lawyers are beginning to ask how their career will be advanced with the current client mix of the firm. Partners are beginning to ask questions about leadership and the direction of the firm.
Does avoiding a merger buck the trend? It depends upon to whom you are listening. Are you listening to the lemmings who believe in the myth of market share – the bigger you are the more profitable the firm will be? Are you listening to partners who want to be part of a bigger firm even though they know that many of their current partners will not be moving? Are you listening to the headhunters who are building corals of potential candidates they can market to bigger firms for a fee? Or are you looking at the true trends that will drive your practice and your future viability? Here are the true trends and their implications that came from an in-depth assessment of the legal profession at two international conferences on the future of the profession.
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